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Dow and S&P reach a combined 104 highs in 2017 so far

The S&P 500 index and the Dow Jones industrial average reached record highs 50 and 54 times in 2017 through Oct. 27, respectively, while the Bloomberg Barclays U.S. Aggregate bond index has reached five record highs. The equity indexes' combined 104 highs in 2017 is already above 97 in 2013 and 91 in 2014. Average price-to-earnings ratios have climbed in concert with the indexes, implying that price growth has outpaced earnings and perhaps the fundamentals are as equally sound.

The Agg and the DJIA have performed better in recent months and weeks relative to the S&P 500, suggesting a decreasing risk appetite among investors preferring lower-risk assets.