With the S&P 500 again coming close to a record this week before falling back, investors will turn next week to a full slate of economic data and a Federal Reserve meeting in hope of fresh reasons whether to drive stocks to new highs.
The S&P 500 is now just 20 or so points away from reaching its previous record high of 2134/5 achieved back in May 2015. Will it reach or surpass this level remains to be seen, but with oil prices rallying, Chinese data improving slightly and central banks remaining uber-dovish, I wouldn’t bet against it. That being said, profit-taking may cause the index to pause here for a while. So, a short-term pullback wouldn’t surprise me either.