The Dow, S&P 500, and Nasdaq Are Back at Records. Bad Headlines Haven’t Stopped the Stock Market.

A government shutdown. Trade tensions. Regional bank jitters. Oil sanctions. High-beta selloffs. The stock market has cut through a gauntlet of negative headlines on its way to its highest levels on record.

The S&P 500 is up 1%, on track to top its Oct. 8 closing high. The Dow is up 508 points, or 1.1%, and in position to close north of 47,000 for the first time in its history. The Nasdaq Composite, up 1.3%, and the Russell 2000, up 1.3%, were also on track for closing highs.

“Time flies when we are having fun,” writes Ed Yardeni of Yardeni Research. “This year has been loads of fun in the stock market if you enjoy rollercoaster rides. It has been mostly a joy ride since the pandemic started.”