The S&P 500 hit an intra-day record high for the first time in two years on Friday, powered by gains in chipmakers and heavyweight technology stocks on optimism around artificial intelligence (AI).

Erasing the last of a nearly 25% selloff that began in 2022, the widely followed U.S. stock market benchmark was last up 0.8% at 4,817.92 points, beating its previous intra-day of 4818.62 points recorded on Jan. 4, 2022.

WALL STREET COMMENTS:

THOMAS HAYES, CHAIRMAN, GREAT HILL CAPITAL, NEW YORK

“Everyone was looking for a big correction after the strong end of year. People still don’t believe the rally that started in October 2022 and now we are breaking out to new highs. We just need to convert all the holdout perma-bears over the next few weeks and then we’ll get the pullback when no one expects it.”

ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN

“Stocks continue to demonstrate their resiliency despite a muted start to the year.

“This week’s gains across Big Tech, which is helping push the broader indexes toward record highs, demonstrates investors are unwilling to abandon last year’s winners. And despite a modest uptick in government bond yields this month, stocks continue to discount a soft landing for the U.S. economy in 2024.”

CYRUS AMINI, CHIEF INVESTMENT OFFICER, HELIUM ADVISORS, CHARLESTON, SOUTH CAROLINA

“The S&P500 spent most of 2023 defying pundits and investors alike to put in some spectacular results. The overall index performance was almost entirely driven by the newly christened “Magnificent Seven”, which now accounts for roughly 30% of the index. That type of concentration has only been seen in the dot-com bubble.

“Once you include the lower probability of rate cuts due to a weakening labor market and inflation leveling out, we have a market that looks overbought and overdue for valuations to move back in line with earnings. We don’t see a massive drawdown as likely, but equities have to return to reality sooner rather than later.”

LISA ERICKSON, HEAD OF PUBLIC MARKETS, U.S. BANK WEALTH MANAGEMENT, MINNEAPOLIS

"It really is an encouraging day in terms of the action, and 4,800 certainly has been a key level which has been difficult to surmount. So if we continue to move in this direction, that's going to be a very positive sentiment sign."