NEW YORK -- The benchmark Standard & Poor's 500 index burst through a half-decade-old record as stocks continued their strong rally.
The broad S&P index is on track to finish the day above its all-time closing high of 1,565.15 recorded Oct. 9, 2007. The S&P crossed the milestone just days after the Dow Jones industrial average did the same thing Tuesday, March 5.
The two widely followed U.S. stock indexes reached their 2007 highs just weeks before the official start of the deepest recession in decades and about a year before the worst of the global financial crisis.
Since hitting bottom at 676.53; in March 2009, the S&P 500 has gained more than 130%.
The run-up in stock prices has been fueled by a drumbeat of reports showing the U.S. economy is recovering, albeit at a sluggish pace. And investors have concluded that the financial markets aren't immediately threatened by a debt crisis and recession in Europe or by fiscal dysfunction in Washington.