The steady rise in the S&P500 is beginning to feel inexorable, with the index up by almost 10% this year and by more than 16% in the last 12 months. The rally will enter its second decade if it lasts until March next year.
Investors in US shares are increasingly adopting the view that all is for the best in the best of all possible markets.
This allows them to ignore signs of distress abroad, such as the collapse of the Turkish lira or the risk of a no-deal Brexit.
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