NEW YORK (TheStreet) -- Veterans Day kept volumes light and market chatter quiet as the Dow Jones Industrial Average and S&P 500 climbed an inch to mark a new record high.
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Equities have been drifting higher, and smashing records, over the last few weeks on the back of mostly positive earnings, better-than-expected U.S. jobs data, mid-term elections and signs the country would be resilient in the face of a global slowdown.
The Dow closed up just 0.01%, enough to cement a new record close at 17,615.57. The S&P 500 added 0.07% for an all-time high of 2,039.69. The Nasdaq added 0.19%, its highest level since the dotcom bubble of March 2000.
Though markets held at record levels in a calm trading session, not everyone is confidence these lofty heights can be sustained.
"Longer term, I think we are in a secular bull market that has years left to run, but near term I remain cautious," Raymond James chief investment strategist Jeffrey D. Saut wrote in a note. "The markets are losing momentum while the S&P 500 is holding near the highs. Typically this doesn't end well."
Past stock market performance following mid-term elections could portend indices climbing even higher though, said Gary Thayer, Wells Fargo's chief macro strategist.
"History suggests that investor optimism is likely to improve after the election," Thayer wrote in a report Tuesday. "The U.S. stock market tends to bottom in late September and early October in mid-term election years and tends to rally into the end of the year after the election."