S&P 500 closes above 1,500 for first time in 5 years


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The Independent Online

The Standard & Poor’s 500-stock index finished above 1,500 today for the first time since the 2007 Great Recession, in yet another sign that the US economy is on the mend.

The S&P 500 closed at 1,502, up eight points, or half a per cent. It was the eighth straight gain, the longest winning streak since November 2004.

A flood of individual investors is thought to be responsible for the boost, with the investing public becoming less fearful of missing out on investments than in losing money on Wall Street.

The market was also lifted by strong earnings from Procter & Gamble and Starbucks.

A strong showing by the stock market follows good news elsewhere in the economy.  The number of Americans seeking unemployment aid fell 5,000 last week to a seasonally adjusted 330,000, the lowest level in five years.