Wall Street’s drought may be about to end. The American stock market is on track to set its first record high in more than a year.
The S&P 500 needs to advance just 0.2% at Monday’s opening bell to surpass 2,134.72, the index’s previous all-time record set back in May 2015.
Markets are in a terrific mood after the blockbuster June jobs report that dramatically eased fears of a slowdown in the U.S. economy. The strong economic news sent the Dow soaring 251 points on Friday and left the S&P 500 just shy of a new closing high. The Dow is less than 2% away from its all-time high as well.
The market milestones come at a surprising time: just two weeks ago, global markets were in freakout mode after the shocking Brexit vote. The U.K. referendum to leave the European Union created turmoil around the world and sent the Dow plummeting nearly 900 points over two days.
But now investors appear to be betting on the best of both worlds. The U.S. economy continues to chug along, even if the Brexit uncertainty keeps bond yields extremely low and prevent the Federal Reserve from raising interest rates. That leaves stocks looking more attractive by comparison.