The S&P 500 had its highest closing on record Tuesday, marking a fantastic resurgence for stock markets since the rout last year. Despite poor macro-economic data and slumping earnings expectations, investors extended a months-long recovery, reassured in part by recent dovish signals from central banks. The benchmark closed the day 0.9% higher at 2,933.7. The S&P 500 is up 17% this year, and up 25% from its nadir on December 24 2018.