The S&P 500 stock index marked a six-year rally on Monday as it rose above the 2,000 level. The gain followed a report showing durable-goods orders' sharpest ever increase and the surprising rise of consumer confidence.
The rally is still seen as benefiting wealthier Americans, as small wage increases have left most citizens unable to invest much in their retirement account, despite the fact that the unemployment rate has declined from December 2009's high of 10 percent to a low of 6.1 percent in June of this year, reports Reuters.
On Tuesday, the S&P 500 climbed 0.2 percent to 2,002.08 in New York after reaching an intraday record of 2,005.04. Trading in S&P 500 stocks was under the 30-day average by 29 percent, according to BusinessWeek.
Richard Sichel, chief investment officer at Philadelphia Trust Co., which oversees $2 billion, said in a phone interview with Bloomberg, "There's not a lot of direction in the market so far. The 2,000 number got a lot of attention, but let's get back to basics and see how the economy is doing."
The S&P 500 has gained for the past three weeks and the value of American equities has increased by over $1 trillion since a two-month low on Aug. 7.
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