Stock market: S&P 500 approaches record high

(NewsNation) — The S&P 500 closed Thursday near an all-time high, approaching the last trading day of the year.

The S&P 500 rose 1.77 points to 4,783.35, up more than 24% on the yearreported Associated Press. Nearly nine consecutive weeks of gains have brought the benchmark index closer to surpassing its all-time high set in January 2022.

Meanwhile, the Nasdaq composite, which fell 4.04 points to 15,095.14, is on track for its best year since 2003. CNBC reported.

The Dow Jones Industrial Average also rose 53.58 points to 37,710.10.

The gains are a sign of “extreme resilience,” 50 Park Investments CEO Adam Sarhan told CNBC. He told the outlet that the risk now is a recession since "we didn't have the restart that everyone expected this year."

The Associated Press contributed to this report.