New York (CNN Business) The S&P 500 (SPX) closed at an all-time high on Tuesday for the first time since the Covid-19 pandemic hit the United States. The index, which is the broadest measure of Wall Street, had been hovering in record territory for days but repeatedly fell short of reaching the milestone. The record is a big deal, because it means it only took Wall Street five months to go from the most recent trough -- after the pandemic selloff in March -- to a new peak. This would make the Covid bear market the shortest in history, at just 1.1 months, said S&P Dow Jones Indices' Howard Silverblatt. Stocks fell into a bear market during the spring selloff"It's hard to believe, but the 2020 bear market is officially over," wrote UBS Global Wealth Management's Americas CIO Solita Marcelli in a note to clients.

Source: CNN August 18, 2020 20:03 UTC