The broad market index gained 0.04% to end at 4,783.35, putting it near its highest closing level of at 4,796.56 set in January 2022

The S&P 500 closed marginally up Thursday, closing in on a fresh all-time high in the final trading day of what has been a strong year for stocks.

The broad market index gained 0.04% to end at 4,783.35, putting it within striking distance of its highest closing level of at 4,796.56 set in January 2022. The Dow Jones Industrial Average added 53.58 points, or 0.14%, to close at 37,710.10 and notch a new record closing high. The Nasdaq Composite drop 0.03% to end at 15,095.14.

What we are seeing now is the market exhibit extreme resilience, despite some technical indicators suggesting overbought conditions, said Adam Sarhan, CEO of 50 Park Investments. We have every chance in the world for the market to drop and it refuses to drop in a meaningful way. That tells me that the bulls remain in clear control.

With just one trading day left in 2023, all major averages are on pace to end the year with gains. The blue-chip Dow and the S&P are poised to close higher by nearly 13.8% and 24.6%, respectively.

The three major indexes are also slated to notch their ninth consecutive winning weeks. That underscores the market’s late 2023 rally, rebounding off a negative third quarter. The S&P is 11.6% higher for the quarter and headed for its best quarterly performance in three years.

Stocks are now in the middle of a period called the “Santa Claus rally,” which refers to the last five trading days of an ending year and the first two of a new one. The S&P 500 has gained nearly 1.3% over this timeframe on average, per data going back to 1950 from the Stock Trader’s Almanac.