Helping to support the fervor has been strong profit reports from Entergy and other big U.S. businesses. Companies in the S&P 500 are on track to deliver nearly 17% growth in their earnings per share for the final three months of 2024, compared with a year earlier. That would be the best growth since 2021, according to FactSet.

Nine in 10 global money managers consider U.S. stocks as overvalued, according to Bank of America's latest survey. The survey of 205 panelists, with $482B in assets under management, showed that 89% of respondents see U.S. stocks ( SPY ) ( QQQ ) ( DIA) as overpriced, the most since at least April 2001.