Market Insider

Bulls eye more gains as S&P 500 hugs new high-water mark

The S&P 500 reached a new high-water mark—its second record close this year—setting the stage for further gains, as traders look ahead to next week's jobs report.

After struggling all week to break above its previous closing high, the S&P 500 closed at 1,854, up 9 points. The S&P's all-time intraday high of 1,858 was hit Monday, and that's the next level traders are watching.

Jim Paulsen, chief investment strategist at Wells Capital Management, expects the market to continue to make new highs this year but then to reverse course and end close to where it is now.