The S&P 500 closed above 5,000 for the first time last week, having risen almost 5.5 per cent this year. This follows a more than 24 per cent rally for the benchmark US index in 2023 and means that it has doubled since the pandemic-induced low of March 2020. Kiran Ganesh of UBS explains what this means for investors and discusses the potential effect of the ongoing US general-election campaign.

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