S&P 500 tops 2,000; analysts see more gains ahead

By Ryan Vlastelica
Traders work on the floor of the New York Stock Exchange
Traders work on the floor of the New York Stock Exchange August 22, 2014. REUTERS/Brendan McDermid

By Ryan Vlastelica

NEW YORK (Reuters) - The S&P 500 vaulted above 2,000 for the first time on Monday, with financials and biotechnology stocks lifting the benchmark index to a new record as investors bet on equities as a preferred asset over bonds.

The significance of the milestone was more psychological than fundamental, and it represents the cumulation of a six-year rally that has boosted retirement accounts for Americans from Wall Street to Main Street, though the gains have largely benefited wealthier Americans.

On a total-return basis the S&P 500 has more than tripled from its 2009 low hit during the financial crisis.

(Editing by Bernadette Baum)