The benchmark S&P 500 index rose 1.2% to 6,875.16, its first close ever above the 6,800 level. The technology-laden Nasdaq index gained 1.9% on the day to finish trading at 23,637.46, bolstered by a rise in Nvidia (NVDA) and other microchip stocks. The Dow Jones Industrial Average increased 337.47 points, or 0.71% to close at 47,544.59.

The S&P 500 stumbled from record highs during Powell’s speech. Traders were expecting it. The stock market has been on a tear recently. The three major U.S. indexes all closed at record highs three trading days in a row, before falling just short of a fourth day on Wednesday.

Stock futures are down slightly Tuesday as the market takes a breather after kicking off the week with a big rally fueled by tech sector gains.

Momentum is an especially strong market force. The average inflation-adjusted returns for U.S. large-cap stocks one year after reaching an all-time high are 10.4%. By comparison, the one-year average return for investing at any other time is just 8.8%, according to an analysis by Schroders.

The S&P 500 was nearing its highest close on record ahead of the first big government data release since the shutdown. The market benchmark was up 0.7%, just 0.1% away from its Oct. 8 closing high. The Dow, up 204 points, or 0.4%, is also about 0.3% away ...

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The S&P 500 has proven it can recover from downturns — even significant ones. All you need for proof is to compare that 2009 price to where the stock market index is at today. But it still poses a risk to investors who may not have years to wait out a recovery, like those on the cusp of retirement.