The S&P 500 surged to all-time highs on Thursday, completing a full rebound from the correction it experienced in March and early April.
Midday, the benchmark index traded as high as 6,146.52—slightly above its previous record close of 6,144.15 set on February 19. It also inched closer to its intraday record of 6,147.43 established that same day.
The index closed the session at 6,141.02, just a few points short of the all-time highs.
With this move, the S&P 500 joins the Nasdaq-100, which hit a new record high of its own earlier this week. The tech-heavy Nasdaq index is tracked by the widely held Invesco QQQ Trust (QQQ), while the S&P 500 is mirrored by some of the largest ETFs in the world, including the Vanguard S&P 500 ETF (VOO), the SPDR S&P 500 ETF Trust (SPY) and the iShares Core S&P 500 ETF (IVV).
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Both indexes have now fully shaken off the steep declines sparked by trade war tensions and tariff fears earlier this year. At its lowest point, the S&P 500 had dropped 18.9% on a closing basis and more than 20% intraday—flirting with bear market territory, though it never officially entered one.
The index was down as much as 15% year to date as of April 8. Today, it’s up more than 5% for the year.
As with the Nasdaq-100, the recent gains have been led by a handful of mega-cap tech names. Microsoft Corp. (MSFT), Nvidia Corp. (NVDA) and Broadcom Inc. (AVGO) have all hit record highs in recent days, helping drive the rebound.
However, the rally hasn’t been evenly distributed. The Invesco S&P 500 Equal Weight ETF (RSP), which assigns the same weight to each of the index’s constituents, is still 4% below its peak and up only 3.6% year to date. Unlike the traditional S&P 500, RSP is far less influenced by the performance of the largest stocks.
Meanwhile, not all tech giants are sharing in the gains. Apple Inc. (AAPL), currently the third-largest U.S. company by market cap, remains 23% below its highs amid concerns over its exposure to China and growing investor anxiety that it’s falling behind in the AI race. Tesla Inc. (TSLA) is down even more—32% off its December highs—as the company grapples with a rocky rollout of its robotaxi initiative in Austin this week.
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