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NEW YORK (

TheStreet

) -- The

S&P 500

hit a new all-time high on Thursday, reaching 1,565.40. The index's previous high was 1,565.15, set on Oct. 9, 2007.

With its all-time high, the index shrugged off concerns posed by the reopening of Cyprus' banks and softer-than-expected U.S. economic data.

The S&P has gained 134% since hitting its five-year low in March 2009. The market's bull run has been bolstered by the Federal Reserve's bond buying program and historically low interest rates.

--Written by James Rogers in New York.

Follow @jamesjrogers

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