U.S. stocks rose Thursday, sending the Standard & Poor's 500 index above its record closing level, as the reopening of banks in Cyprus helped ease concern about Europe's debt crisis.
The S&P 500 increased as much as 0.3% to 1,567.69 as of 11:05 a.m. EDT on Thursday, above its 1,565.15 all-time high on a closing basis from Oct. 9, 2007.
The Dow Jones industrial average broke its previous record, also set Oct. 9, 2007, on March 5.
The S&P 500's advance above its record close marks the completion of the recovery from a bear market that wiped out more than $10 trillion of value from the world's largest stock market.
Shares of American companies are rallying as their profits expand for a third straight year and the Federal Reserve commits to continuing its unprecedented monetary stimulus. Reports this week showing a 5.7% jump in durable goods orders and the biggest increase since 2006 for the S&P/Case-Shiller index of home prices in 20 cities were among the latest data to fuel optimism in the economy.
The four-year bull market has sent the S&P 500 up more than 131% since it reached a 12-year low of 676.53. The rally is extending beyond the average length of bull markets, according to Birinyi Associates data that show cycles since 1962 have an average duration of four years. Of nine advances, four have lasted longer than the mean, and the market rose for about six years during those periods.
