"There's still time to get into cyclicals" — stocks that generally perform better as economic growth improves — "there's still time to look at equities as interesting ahead of next year," said Sameer Samana, senior global strategist at Wells Fargo Investment Institute, which expects the S&P 500 to end this year within a range of 2,190 and 2,290.
Other strategists have raised their S&P forecasts after the election, and on Tuesday, Bank of America Merrill Lynch became the latest to do so by increasing its year-end estimate to 2,100 from 2,000.
The S&P 500 set a record close of 2,204.72 Wednesday, while the Dow Jones industrial average posted a record close of 19,083.18. The Nasdaq composite set a record close earlier in the week of 5,386.35. All three indexes set fresh all-time, intraday highs Friday, as U.S. markets reopened after Thanksgiving.
The S&P 500 is up more than 3 percent since the election, with cyclical financial and industrial stock sectors the best performers. Industrials reached all-time highs this week, while financials hit highs going back to 2008.
That contrasts with earlier in the year, when sectors such as utilities, telecoms and consumer staples, performed strongly.
"There is a broad breadth to this move," said Ryan Detrick, senior market strategist at LPL Financial. "New highs on four to five indexes. It's not just the one sector is leading ... When you consider small caps, the Russell, that's really telling you how significant this buying pressure has been."
The Russell 2000 index of small-cap stocks closed at an all-time high Wednesday, for its first eight-day streak of record closes since September 1997, Detrick said. The index was trading a touch higher Friday.