The S&P 500 climbed 8.91 points, or 0.5%, to 1804.76. The index is up 27% this year, on pace for its biggest annual gain since 1998, when it climbed 31%. It took more than 13 years for the Index to climb past 1,600 and this year has risen past 1,700 and now 1,800.
An accommodative Federal Reserve, paltry returns in assets such as bonds and steady expansion in corporate profits continue to draw investors to equities. Bulls say the U.S. economy’s expansion—muted as it is—stands out when compared with conditions in other parts of the globe and is liable pick up next year.
Meanwhile, individual investors appear to be regaining comfort with stocks. Mutual funds investing in U.S. shares took in a net $548 million in new cash in the week ended Wednesday, according to fund tracker Lipper, the sixth-straight week of inflows.