Strong momentum makes it hard to bet against 'freight train' U.S. stock rally

A relentless rally in U.S. stocks is showing few signs of slowing into year-end, even as rising valuations and signs of excessive speculation fuel worries that a pullback may be overdue. The S&P 500 notched its 57th record close of the year on Friday and is up nearly 28% in 2024, driven by a robust U.S. economy, expectations of lower interest rates and excitement over the tax cuts and deregulation promised by President-elect Donald Trump. Strong momentum has been a hallmark of the rally. The S&P 500 has gone over 13 months without straying 10% or more from its record…