U.S equities continue defying gravity this week, with major market averages reaching new highs almost daily. On Wednesday, the S&P 500 crossed the 5000 mark for the first time, following Meta, Amazon, Netflix, and Microsoft's solid corporate earnings in the previous couple of weeks.
Wall Street professionals cheered the historical moment. George Ball, chairman of Sanders Morris, an investment firm based in Houston, is one of them, explaining what that means for Wall Street:
"The 5,000 on the S&P 500 is an important milestone for the markets, not just because it's a round number," he told International Business Times. "But because the upward direction of the S&P 500, especially after two years of significant swings, reflects the confidence that investors have in corporate America's earnings power and the strength of the economy."
