S&P 500 closes at a record, erasing last of pandemic losses

(AP) -- Wall Street clawed back the last of the historic, frenzied losses unleashed by the coronavirus, as the S&P 500 closed at an all-time high Tuesday.

The benchmark index notched a modest 0.2% gain to beat its previous record high set on Feb. 19, before the pandemic shut down businesses around the world and knocked economies into their worst recessions in decades.

The S&P 500′s milestone caps a furious 51.5% rally that began in late March.

Tremendous amounts of aid from the Federal Reserve and Congress helped launch the rally, which built momentum on signs of budding growth in the economy.

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