Thank you, Kelly. Welcome to closing bell. I'm Mike Santoli, in for Scott Wapner.

This make-or-break hour begins with Wall Street's key benchmark playing for its 10th record close of 2025,

taking advantage of a calm day on the policy front, supportive earnings results, and technical momentum.

Here is a look at your scorecard with 60 minutes to go in regulation.

There is the S&P 500 up close to the half a percent. It's been around there most of the day.

It is tacking for its first ever close above the 6300 mark. It is joined by the NASDAQ at all-time

heights as well with the Dow Industrial still about a percent off its late

2024 peak that was just above 45,000 semis and consumer cyclicals are outperforming today

that affirms a pretty reassuring signal about the underlying macro setup the cyclicals in particular

continuing to lead over defensive parts of this market,

which takes us to our talk of the tape. Is the market's comforting message, a trustworthy one,

or might elevated valuations, less friendly late summer seasonal patterns, and some still

unsettled policy debates spoil the mood. Here to get into all that is Dan Greenhouse of Solace

Alternative Asset Management, Dan.

Good to see you. Thank you for having me. Thanks for coming by. Listen, there's always something

to worry about. We can always make a list of the concerns. We talk about that all the time. But really,

the market's an aggregate, whether you look at credit spreads, you look at volatility levels,

you look at the all-time highs on a weekly closing basis, the breadth of the market even.

The market's kind of telling you to relax.

I think the question always is, is it safe to do so?

Are we missing anything that could spoil?

I mean, you touched on it right at the outset there, that you and I and you and any number of guests have constantly talked about all the various things that we've been told to worry about over the last one, three, five, even 10 or 15 years, if you're as old as we are. And each time the market has defied those odds, it's not just the Fed, it's not just earnings, it's not just geopolitics, There's a little bit of everything that has helped drive

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