The S&P 500 is on the cusp of a record high. That’s a remarkable change of events, since the index was on the brink of a bear market just two months ago.

US stocks on Wednesday were mixed, with a new high for the S&P 500 less than 1% away. The Dow closed lower by 107 points, or 0.25%. The broader S&P 500 was flat, and the tech-heavy Nasdaq Composite gained 0.31%.

The S&P 500 had soared 2.1% across the past two days as investors welcomed a ceasefire, albeit fragile, between Israel and Iran. As the stock market has climbed back toward record highs, investors are wondering whether there is room for stocks to climb higher or if further roadblocks lie ahead.

The S&P 500 on Tuesday had closed just 0.85% away from an all-time high before closing flat on Wednesday.

“As Middle East tensions de-escalate, the focus will return to more fundamental concerns for investors such as tariffs, earnings, the federal deficit and President Trump’s One Big Beautiful Bill,” said Chris Brigati, chief investment officer at SWBC, in a Tuesday note.