As more records crumbled last week, the S&P 500 posted a fifth-straight weekly gain and the fourth-straight week of gains of more than 1%.

When last week ended, the S&P 500 had set its 64th high this year. Even the Russell 2000 small-cap index that had been trailing the S&P 500 set several all-time highs.

Third-quarter earnings continued to improve as the 2021 full-year estimate increased 31 cents to $204.76. A new high for the 2022 S&P 500 earnings estimate, however, was not forthcoming as it slipped 63 cents to $218.48

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