It's hard to believe, but the S&P 500 (^GSPC) went six entire sessions without hitting a fresh, new all-time high. But thanks to the Fed's dovish assessment of the economy Wednesday afternoon, traders were given all the incentive they need, and took out the psychological 1,700 level - and then some.
In the meantime, with the risk of the Fed tapering its bond purchases put off, investors have at least a seven-week window of opportunity until the central bank's next meeting on September 17th and 18th.
"I don't think it's going to be the last time we say 'all time high' this year," says Jeff Kleintop, chief market strategist at LPL Financial in the attached video. For the record, he's targeting 1,750 for the S&P 500 this year, but thinks that upside will carry more volatility with it going forward.
Officially, the big change in the Fed's economic assessment was that it now says growth in the first half of the year was "modest", where previously it had said it was "moderate."
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