U.S. stocks set new record levels during Friday's trading session, as investors continue to bet on the market moving higher into 2015.
The S&P 500 hit a new intraday all-time high of 2,091.83, while the Dow also touched a new record price of 18,103.45. So far in 2014, the S&P closed at a new record 51 times, or about 20 percent of the time –most number of record settles in a year since 1995, when the market closed at a record 77 times (31 percent of the time). The Dow has closed at a record 37 times.
Despite the recent feat of record highs for the S&P, the clear winner this year has been the Dow Utility Average. The Dow Utility index is now on track for its best yearly gains since the year 2000, when it rose 45 percent. Coincidentally, 2000 marks the all-time high for the NASDAQ composite during the dot-com bubble.
The recent outperformance of utilities signals investors' appetite for steady yields and a desire to hedge against a potential pullback.
Other indices trading at a new all-time high include the S&P Mid Cap 400 index and the Russell 2000, which took out its July 1 high.
Within the S&P, six out of ten sector hit new multi-year highs: Utilities, Consumer Staples, Consumer Discretionary, Industrials, Tech and Financials.
2014 is on pace to mark three years of consecutive gains for the S&P, and six years of straight gains for the Dow. The S&P and Dow are up 131 percent and 106 percent, respectively, in the past six years.
According to CNBC's Strategist Survey, the average S&P target price for 2015 stands at 2,220, implying a 6 percent increase from the current levels.
Below is a look at the top performing sectors in 2014. Utility, Health Care and Tech are leading the list, up more than 20 percent in 2014, while Energy is the biggest laggard, down more than 8 percent.