US stocks hit an all-time high yesterday as the market moved a day away from setting the record for the longest bull run, with investors cheered by strong company earnings and Donald Trump’s corporate tax cuts.
The S&P 500 broke through 2,872.87 in afternoon New York trading. Barring an epic collapse today, the new intraday high set the stage for making the post-financial crisis rally the longest stretch of rising prices without a 20 per cent drop, the level typically associated with a bear market.
The rally has continued despite rising global trade tensions triggered by Mr Trump’s aggressive use of tariffs against the world’s biggest economies and the prospect of steadily rising interest rates from a Federal Reserve increasingly worried about an overheating economy.