Bullish momentum favors stocks

Stocks are drifting higher again today as bullish momentum remains intact.

S&P 500 futures are up about 0.25 percent, while most indexes in Europe are up by 0.5 percent to 1 percent. Asian indexes were mostly higher in the overnight session, led by a 1 percent rally in Tokyo.

The SPX has advanced in eight of the last 10 sessions and is now within 2 percent of its previous all-time high in 2007. Other benchmarks, including the Russell 2000, the Dow Jones Industrial Average, and Dow Jones Transportation Average, are already in record territory.

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