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“It would be good to be a fake somebody rather than a real nobody.” – Mike Tyson

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The market enthusiasm that took the S&P 500 to new highs last Friday has followed through to the new week as the S&P 500 looks to gap up about 0.5% at the open. Financials are leading this morning’s gains as the Fed announced last Friday that all of the banks passed the stress tests. Goldman Sachs (GS) is leading the way with gains of over 3%, but all of the other major banks and brokers are up around 1% or more.

The only economic indicators on the calendar this morning are the Chicago PMI at 9:45 and the Dallas Fed Manufacturing report at 10:30. Washington will be a focus for the market today as investors look to see if the Senate can pass a version of the GOP tax bill.

Last Friday’s close in the S&P 500 marked the first new all-time closing high for the S&P 500 in over four months and now fully puts the tariff-induced near-bear market in the rearview mirror.  It also completes one of the more stunning market cycles where the S&P 500 experienced one of its sharpest sell-offs from an all-time high on record, followed by one of its swiftest rebounds.

With the new high, we can also resume the count of new all-time closing highs for the S&P 500, which for 2025 now totals four. That may sound like a meager number, but two months ago, the thought of new highs for the S&P 500 seemed like a pipe dream. With roughly 125 trading days left in the year, we’re unlikely to get anywhere near last year’s total of 57 record closing highs this year, but you have to start somewhere.