The S&P 500 confirmed that it is now in its longest bull run in history after it rose 0.6 percent on Friday to close at a record high.
Markets rose after Federal Reserve Chairman Jerome Powell affirmed the central bank’s strategy of gradually raising interest rates.
Karyn Cavanaugh, senior market strategist at Voya Investment Management, saw Powell’s speech as “a little bit dovish”.
The S&P 500 is at a record high despite one-fifth of its stocks being in a bear market.
The rest of the index is likely to also turn down if the US economy enters a recession. However, that is not likely soon, according to Mark Tepper, president and CEO of Strategic Wealth Partners.
Tepper said that three indicators are important in signalling a recession: an inverted yield curve, contraction in the leading economic index and tightening monetary policy. These are not currently indicating a recession.
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