Ações das empresas do S&P 500 têm maior alta desde 1997. Wow!

But this year investors said: So what?

The stock market is closing in on its best year in two decades. With only two days of trading to go, the S&P 500 could fare better than it has since 1997. Stock prices have been buoyed by a mere whiff of optimism that the economy — despite occasional hiccups and dire prognostications by so-called experts — will keep chugging along.

And the Federal Reserve deserves credit, too, for cutting interest rates despite scowls from a White House that wanted more.

So far this year, the S&P is up 29 percent. But the market crept up gradually as investors felt their way through the turbulent year, interrupted only by a handful of short-lived retreats. Since mid-October, stocks haven’t had a single daily gain of more than 1 percent. Even on Friday, the increase was tiny, but it left the index at a record and capped a fifth consecutive week of gains.

Through the uncertainty, investors saw things they liked: Job growth continued, American consumers kept spending, and President Trump’s bluster about the trade war eventually gave way to promises for an early-stage deal with China.

Much will depend on what happens with technology stocks. Because of their sheer size, companies such as Apple, Microsoft and Amazon have the biggest impact on Wall Street indexes like the S&P 500. In 2019 they became the stocks to own as investors sought a safe place to wait out the trade war and potential economic slowdown.

Apple is up about 84 percent this year, its best performance in a decade and a gain that has left it valued at $1.3 trillion. Amazon shares have risen 24 percent and Microsoft 57 percent.

By the close of trading on Friday, the S&P 500 was up 29.3 percent for the year. If it ends higher than 29.6 percent on Tuesday, this will be the best year for stocks since 1997, when the gain was 31 percent.

(*) Crédito da Foto: Bryan R Smith/Reuters