Dow Jones Industrial Average

S&P 500 closes at record high for first time in months

The S&P 500 rose 0.5% to close at its highest level ever on Monday, hitting a new record for the first time since July.

Data:; Chart: Axios Visuals

The stock market is overreacting

Illustration of stock market numbers overreacting

Stocks took a nosedive for the 2nd consecutive day on Wednesday and the Dow and S&P fell for the 4th time in 5 sessions. But the U.S. Treasury market experienced a far smaller move, as it has been factoring in manufacturing weakness and slowing job growth for months.

Why it matters: The bond market's limited movement in the face of historically weak manufacturing and deteriorating employment data suggests the worst may be over, analysts say.