The S&P 500 ended the week with another new all-time high.

This was the best September since 2010.

It recorded its 31st new record high this year. That means the market has hit new highs in seven of the past ten months. Only March, April, and May missed out.

The Nasdaq has gone up every single month since March. This is the best winning streak since 2017, and there’s no sign that this bull market is ending any time soon. However, this streak will eventually end, so volatility should be expected.

October is also known for being the most volatile month of the year.

But what stands out this time is how broad the rally has become. The equal-weighted S&P 500 also closed at a record high. This is important because it proves the rally is not limited to just the big tech names or AI. The strength is spreading across sectors and industries.

If we zoom out, 2025 looks like a typical year for the S&P 500.

The intra-year high has been up 14%, and the low was down 19%. Despite all the volatility, that’s a normal year for the S&P 500.

Q3 turned out to be one of the best quarters in history.

The S&P 500 made 23 new all-time highs, the most in any quarter since 1998. Both the S&P 500 and the Nasdaq had their best third quarter since 2020. Almost every sector…