The US markets kick-started a rally days after the leading cryptocurrency Bitcoin climbed above the $60,000 mark. The S&P 500 Index reached an all-time high of 5,149 on Monday retracing to 5,130 at the day’s end. On the other hand, the Dow Jones Industrial Average also reached a new high of 39,282 at the same time but retracted to 38,989 at the trade’s end.
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The development signals the US markets are bouncing back stronger with stocks remaining in the green for over a week. The stock markets are delivering better returns this year in 2024 after remaining in the bearish territory for 12 months.
US Markets: What Next For S&P 500 & Dow Jones?
While the S&P 500 Index and the Dow Jones Industrial Average edged lower at the day’s end, the US markets are likely to reclaim the territory this week. Among all the equities, Super Micro shares gained the most becoming the top-performing stock this week. The development shows that investors are confident about AI tech and are willing to bet on its future.
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The San Jose, California-based AI firm created a frenzy on Wall Street as it jumped 168 points in a day. The Super Micro shares spiked 18.65% in the day’s trade reaching the day’s end at $1,074. The US stock markets benefitted from the spike as Super Micro’s market cap now stands at $50.6 billion. The Dow Jones Industrial Average and the S&P 500 Index could spike further this year making the US markets thrive.
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For the uninitiated, the Super Micro stocks are up nearly 1,000% since the end of 2022. Therefore, an investment of $10,000 in Super Micro stocks at the end of 2022 could have turned into $110,000 today. All these profits would have been realized in less than 15 months. This puts the US markets in a better position than other equities markets across the world.
