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The S&P 500 closed at a new high on Tuesday for the first time since February, before the coronavirus pandemic was declared.

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Why it matters: It’s among the fastest-ever recoveries on record and comes as millions of Americans remain out of work during one of the worst economic downturns in U.S. history.

• Further coronavirus spread is expected to hamper any sign of a recovery.
• Meanwhile, the stock market has been grinding higher amid unprecedented actions from the Federal Reserve and fiscal support from Congress, though the prospects of another stimulus package remain uncertain.

The backstory: The S&P 500 surpassed the previous record close of 3,386.15 set on Feb. 19.

• As the coronavirus began to spread in the U.S. and states started to mandate closures, the stock market began a steep decline and eventually fell 34% to its pandemic low-point on March 23.

Between the lines: This is the shortest period of time it's taken for the S&P 500 to set a new record after a previous bull market high, per Barron's.

• CNBC notes that it's the third-fastest rally ever when measured from the time it took for the S&P to reach a new high after its bottom.

Worth noting: The Nasdaq was the first to recover to a new record and continued to hit new highs in recent weeks, powered by high-flying tech stocks.

• The Dow is still roughly 5% below the all-time high set in February, though it's rallied more than 50% from its low point during the stock market's sell-off in March.