Overview
- S&P 500 closed at a record high on Thursday and is up roughly 16% to 17% this year, putting the index on pace for a third straight year of double-digit gains.
- The benchmark has rebounded about 39% from its April low after sweeping tariff announcements briefly drove it below 5,000.
- An official Federal Reserve study concludes the tariff program will slow U.S. economic growth.
- Valuation measures place the index among the most expensive levels of the past four decades.
- Analysts note that previous multi-year surges were often followed by muted next-year returns, with average gains near 3%, and a Supreme Court decision on the tariffs could be the next market test.