John Authers, Columnist

Why the S&P's New Record May Not Mean a Bull Market

The all-time high reached Friday is welcome news, but the devil will lie in bonds.

January 22, 2024 at 5:00 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Is this rally about irrational exuberance? Possibly not.
Photographer: Michael Nagle/Bloomberg

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

To get John Authers' newsletter delivered directly to your inbox, sign up here.

How did we get there? Friday ended with the S&P 500, the world’s most-followed index representing more than half the entire value of global equity markets, at an all-time high. It was its first record since Jan. 3, 2022, and arguably brought to an end a two-year bear market.