The S&P 500 ended every day this week at a new high. The moves have been modest—on Thursday, the index advanced just 0.07%—but this is the longest streak of closing records since last July, according

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The textbook idea that the S&P 500 gives you a diversified exposure to risk is just simply no longer the case,” Apollo economist Torsten Sløk told Fortune.

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The S&P 500 and Nasdaq notched record high closes on Friday, lifted by optimism the U.S. could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarter for the maker of UGG boots and Hoka sneakers.

A solid earnings season shows Corporate America’s profit engine is humming along, potentially easing worries that the record-setting rally in US stocks is starting to overheat.

Wall Street’s so-called fear gauge dropped this week as U.S. stocks continued to set record highs, with investors appearing encouraged in part by the White House’s progress on the global trade front.

US stocks end up on earnings, data showing a resilient economy and trade deall optimism. S&P 500 and Nasdaq score records again.

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Friday marked another winning day for the S&P 500 and Nasdaq, as both indexes posted fresh all-time intraday and closing highs.