S&P 500 hits record high driven by economic growth

The S&P 500 closed above 5,000 for the first time, driven by strong economic growth and progress on inflation. It took almost 41 years for the index to reach 1,000, and it hit 4,000 in 2021. The S&P 500 is up 5.4% this year and jumped 24% in 2023. The "Magnificent Seven" tech stocks, including Nvidia and Microsoft, led the market's gains, driving 62% of the index's total return last year.