Only the huge investors and institutional investors buy individual shares. Normal investors invest in stock funds that do the investing. It doesn’t matter if it is a share of Microsoft, a share of S&P, or a share of Bob’s Grocery. Fund investment is where the great majority invest. This story is either a whine or a great new story, depending on which way you look at it.
The S&P500 (SPY) described is an ETF, not a stock per se. It is a composite of the 500 companies making up the S&P500, much like a mutual fund although the expense ratio is extremely low, 0.0945%. In essence you are buying the entire index as an electronically traded fund (no human decision involved).
Years ago I noticed that some mutual funds would brag that they beat the S&P 500 in 3 out of the past 5 years. It was the "gold standard" so to speak. Damn, why not just buy the S&P? You get the 500 stocks in one fell swoop and every financial broadcast will list the current amount along with the DOW. You just move the decimal point over one to get the approximate price. Today it closed at $324.87.
I started buying it in 2016 at $195. KAG