The fourth 1 percent rally in seven days pushed the Standard & Poor’s 500 Index past levels where previous rallies failed and within 25 points of a record.
Tuesday’s gain lifted the benchmark gauge for U.S. equity to 2,068.59, moving it above the 2,063 level that marked the top of advances on Feb. 5, Jan. 22 and Jan. 8. Staying above it may lure back buyers who sold when the shares retreated in January, said Robert Pavlik of Boston Private Wealth.
“People are thinking that with the market close to an all-time high, they don’t want to be left behind,” Pavlik, who helps oversee $9 billion as chief investment strategist at Boston Private Wealth in New York, said in a phone interview. “If we have something like another 1 percent increase tomorrow, people will talk themselves into economic data and earnings.”