Yes, the market is superconcentrated, and Nvidia is critical to the entire market edifice. But stocks aren’t as expensive as they might appear.

In their study, titled “Congress and the Stock Market,” they found that the Dow Jones Industrial Average from 1897 through 2004 produced the equivalent of a 13.8% annualized return when Congress was not in session, versus 2% when Congress was in session. They found a similar result for the period beginning in 1957, when the S&P 500 was created.

The S&P 500 closed at an all-time high for the ninth time this month, while the tech-heavy Nasdaq hit its 13th record July close.

Live Updates Live Coverage Updates appear automatically as they are published. Friday Wrap-up 4:09 pm The Vanguard S&P 500 ETF closed Friday at 585.55, up 0.4% for the day and 1.5% for the week. Bullish on Southwest -- Or Was That Bearish?

Follow the action in markets to close the week in what's been a record-setting time.

U.S. trade deal

A large chunk of the market’s gain is the result of bets on price declines that haven’t happened.

The Dow feels pressure, weighed down by a steep fall for IBM, while the S&P 500 and Nasdaq climb to another round of records and meme-stock mania resumes.

Want to try your luck investing in individual stocks? Investing legend Rob Arnott says go for it.

The Sensex closed 721 points, or 0.88 per cent, down at 81,463.09, while the Nifty 50 settled 225 points, or 0.90 per cent, lower at 24,837. The BSE Midcap index declined 1.46 per cent, while the Smallcap index crashed 1.