Business has tons and tons of capability to spend. The longer the recovery keeps going and stock prices go up, the more and more confident business is going to become, and the more it will spend on its operations.
What's driving the market higher is continued evidence that the economy is stronger than expected. While people are waiting for rates to peak, they are missing out on a lot of rising stock prices.
The stock market doesn't know if it should focus on the fact that the economy is strong and profit momentum is good, or that rates have to go higher.
Profits are going to keep coming in better for longer, and that's pushing stock prices up.
This economic recovery, both in the United States and globally, is staying stronger and more durable than what people thought. That means that profits are going to keep coming in better for longer, and that's pushing stock prices up.