Record Highs for US Stocks Not at All Irrational

Traders work on the floor of the New York Stock Exchange on July 12, 2016 in New York City. The S&P 500 and Dow Jones industrial average closed at all-time highs that day and did so again July 20. (Drew Angerer/Getty Images)
Traders work on the floor of the New York Stock Exchange on July 12, 2016 in New York City. The S&P 500 and Dow Jones industrial average closed at all-time highs that day and did so again July 20. (Drew Angerer/Getty Images)

July 20 marked the seventh all-time closing high for the S&P 500 this month. The Dow’s nine-day winning streak is its longest in more than...

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