You can almost hear the bulls charging in. In June, the S&P 500 rose 20% from its lows, causing many to claim the start of a new bull market. But the ostensible bull market then was still missing a crucial ingredient: Setting a new high.
Six months later, that's where the markets are headed. The S&P rose 0.59% Tuesday to close at 4,768.37, putting it just 0.6% away from its record close in January 2022.
Investors appear to be anticipating all-time highs. Or perhaps "anticipating" is too mild a word — they seem to be clamoring to be part of that historical event. The SPDR S&P 500 Trust, an ETF that tracks the broad-based index, reported inflows of more than $20 billion on Monday.
"While we can't say there is a clear correlation between significant inflows and performance, that size is notable and perhaps speaks to a 'get me in' mentality?" wrote BTIG technical strategist Jonathan Krinsky.
And if the S&P does indeed notch a new high in the upcoming days (and it seems more likely than not), there's a good chance the index could rally even further, according to Sam Stovall, chief investment strategist at CFRA Research.
"Essentially, we have seen every move above that prior bear market level to be positive," he said on CNBC's "Squawk on the Street." "It's not as if we then just turned right around immediately and ended up selling off."
The other major indexes had a good day as well. The Dow Jones Industrial Average added 0.68%, continuing its streak of setting fresh highs, and the Nasdaq Composite climbed 0.66% to close above the 15,000 level for the first time since January 2022.
"This bias of buying stocks is taking hold," said Kim Forrest, founder at Bokeh Capital Partners. "And unless news changes it, we're probably going to drift higher every single day because of it."
It seems the metaphorical bulls (and a literal one!) are, indeed, taking the street by storm.
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