NEW YORK ( TheStreet) -- The S&P 500 pushed ahead with the benchmark index probing territory above 1690 for the first time in history. Two factors are propelling prices higher: Investors are re-aligning their positions for the increasingly likely continuation in Fed stimulus past the previously expected September reduction point.The second factor is supportive corporate earnings, which have beaten market expectations in a majority of cases. From a macro perspective, additional bullish factors can be seen in the decision by the People's Bank of China to eliminate the floor in bank loan rates, which is positive for global sentiment. Taken together, these factors have supported stock values and sent the SPDR S&P 500 ETF Trust (SPY) to record highs near 170.
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