The S&P 500 has added $13.5 trillion in market value since its March 30 bottom. Nvidia’s value neared $6 trillion, while the Nasdaq Composite posted its second consecutive closing record as investors grew more confident that corporate earnings could withstand elevated energy costs and interest rates.
The gains continued to contrast with weakness among many stocks. Only 45% of S&P 500 constituents traded above their 200 day moving average, down from 71% in mid-August. New 52-week lows on the New York Stock Exchange outnumbered new highs by 2.6 to one Tuesday, data compiled by Jason Goepfert show.