A month ago, the S&P 500 seemed to be heading towards an all-time high in a broad-based rally that had raised hopes for further gains this year. But on Friday afternoon, when the index finally cleared the bar, it was being carried by just a few large tech stocks as markets more broadly struggle for direction.
The S&P closed at 4,839.81, eclipsing its previous high from January 2022, a milestone that reflects the widespread belief that the Federal Reserve is on track to successfully bring inflation under control without causing a major recession, executing a so-called soft landing.
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