S&P 500 hits record high at market open

USA-America-New-York-NYC-Statue-of-Liberty-700x450.jpgThe S&P 500 index has hit a new record high, with optimism about the economy countering Brexit concerns in global markets.

The S&P 500 index hit 2,138.89 at market open, rising 0.4 per cent on yesterday’s close. The level marks the highest the market has reached, topping the 2,134.72 high seen last May – at the time a record-setting rate.

The index has risen by more than 16 per cent from its previous low this year, when it hit 1864.78 in February.

The market was hit with falls immediately following the UK’s decision to leave the European Union, but has since rallied on the back of strong jobs market data and US economy growth expectations.

Jobs market data, revealed on Friday, showed the country had added 287,000 jobs in June, beating market predictions by more than 100,000.

Added to this, a forecast by the Atlanta Federal Reserve says that the US economy has beaten Q1 growth in the second quarter of this year. The estimate said the country had grown by 2.4 per cent in Q2, compared to 1.1 per cent in the previous three-month period.