The textbook idea that the S&P 500 gives you a diversified exposure to risk is just simply no longer the case,” Apollo economist Torsten Sløk told Fortune.

So far this week, the S&P 500 has ended every day at a new high. The moves have been modest—on Thursday, the index advanced just 0.07%—but this is the longest streak of closing records since December,

Friday marked another winning day for the S&P 500 and Nasdaq, as both indexes posted fresh all-time intraday and closing highs.

Wall Street’s so-called fear gauge dropped this week as U.S. stocks continued to set record highs, with investors appearing encouraged in part by the White House’s progress on the global trade front.

The S&P 500 and Nasdaq notched record high closes on Friday, lifted by optimism the U.S. could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarter for the maker of UGG boots and Hoka sneakers.

A solid earnings season shows Corporate America’s profit engine is humming along, potentially easing worries that the record-setting rally in US stocks is starting to overheat.

"If you had invested $1 million in the S&P 500 on January 1, 2021, your return today would be $660,000, of which more than half would have come from the top 10 biggest companies in the index, Torsten Slok, chief economist at Apollo Global Management, said in a Friday note that featured the chart above.

The NEOS S&P 500 High Income ETF (SPYI) is a newer covered-call ETF that delivers monthly income with better tax efficiency.

If the S&P 500 has been such a great investment, surely adding a few smart tweaks should make it even better, right? That’s been the theory behind dozens of factor-based spinoffs.

The S&P 500 closed at a record on Friday, as the index marked the first time since November 2021 that it hit closing highs every day in a week. The market benchmark rose 0.4%. The Nasdaq Composite rose 0.

Key Points The S&P 500 has delivered a reliable annual return of 10.5% since it was established in 1957 thanks to its diversified composition.Exchange-traded funds with a higher concentration of technology stocks have performed much better but also come with higher risk.

Most of the S&P 500’s sectors were trading higher Friday afternoon, with the widely followed U.S. stock-market index on course to close out the week with a fifth-straight record closing high. Industrials was the top-performing sector in afternoon trading with a gain of 0.