Source: FactSet; Chart: Axios Visuals

The S&P 500 closed at a new high on Tuesday for the first time since February, before the coronavirus pandemic was declared.

Why it matters: It’s among the fastest-ever recoveries on record and comes as millions of Americans remain out of work during one of the worst economic downturns in U.S. history.

  • Further coronavirus spread is expected to hamper any sign of a recovery.
  • Meanwhile, the stock market has been grinding higher amid unprecedented actions from the Federal Reserve and fiscal support from Congress, though the prospects of another stimulus package remain uncertain.

The backstory: The S&P 500 closed up 0.23% to surpass the previous record close of 3,386.15 set on Feb. 19.

  • As the coronavirus began to spread in the U.S. and states started to mandate closures, the stock market began a steep decline and eventually fell 34% to its pandemic low-point on March 23.

Between the lines: This is the shortest period of time it's taken for the S&P 500 to set a new record after a previous bull market high, per Barron's.

  • CNBC notes that it's the third-fastest rally ever when measured from the time it took for the S&P to reach a new high after its bottom.

Worth noting: The Nasdaq, which also closed at a new record today, was the first to recover and continued to hit highs in recent weeks, powered by high-flying tech stocks.

  • The Dow is still roughly 5% below the all-time high set in February, though it's rallied more than 50% from its low point during the stock market's sell-off in March.

Go deeper

Dion Rabouin, author of Markets
Sep 15, 2020 - Economy & Business

2/3s of Americans say they aren't interested in Peloton

Data: CivicScience; Chart: Axios Visuals

Peloton's stock surged after the company announced its fiscal fourth-quarter sales jumped 172%, thanks to an increase in at-home workouts during the coronavirus pandemic.

The state of play: Investors salivated over Peloton's outlook for the current quarter and fiscal 2021, but a new survey from CivicScience suggests the company may have a hard time finding new customers.

Erica Pandey, author of @Work
42 mins ago - Economy & Business

The high-wage jobs aren't coming back

Reproduced from Indeed; Chart: Axios Visuals

The pandemic has caught up with high-wage jobs.

The big picture: Early on, the pandemic walloped hiring across the wage spectrum and in every sector. Now, states have opened up, and the lower-wage retail and restaurant jobs have slowly come back — but higher-paying jobs are lagging behind.

Caitlin Owens, author of Vitals
1 hour ago - Health

The FDA plans to toughen coronavirus vaccine standards

President Trump and FDA commissioner Stephen Hahn. Photo: Pete Marovich/Getty Images

The Food and Drug Administration plans to toughen the requirements for a coronavirus vaccine emergency authorization, which would make it more difficult for one to be ready by the election, the Washington Post reported Tuesday.

Why it matters: Public skepticism of an eventual vaccine keeps increasing as President Trump keeps making promises that are at odds with members of his own administration.

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