S&P 500 Hits All-Time High of 7,365pt + Norges Surprise Hike

The S&P 500 closed at an all-time high of 7,365.12 on 5/5 (+1.46%), the Dow at 49,910.59 (+1.24%), and the Nasdaq at 25,838.94 (+2.02%). The same week, Norway surprised markets with a 25bp rate hike to 4.25%—only 5 of 17 Bloomberg survey respondents had anticipated the move. The U.S. 10-year yield declined to 4.34% on 5/7.