Fuelled by a rally in chipmakers and other technology stocks, the new high means a rebound from the tumble it took two years ago|Daniel Foster|CC BY-NC 2.0

The S&P 500 closed at an all-time high on Friday. It rose 1.2% to 4839.81, surpassing both a previous intraday record and closing highs from January 2022.

Fueled by a rally in chipmakers and other technology stocks, the new high means it has recovered from the tumble it took two years ago.

Now, investors are piling back on stocks as inflation eases and threats of economic downturn recede.

The Dow Jones Industrial Average rebounded to hit its own record late last year. It notched another new high on Friday, rising 1% on the day.