The S&P 500 closed at a record high on Friday, soaring to its highest level since February as investors cheered a host of bullish catalysts.

The hero behind stocks’ rally to a new high on Friday wasn’t the Magnificent Seven. It was a discount retail chain.

The S&P 500 Index has hit over 1200 new highs since its 1957 inception. 6 That’s roughly the equivalent of a new high every two weeks. History suggests that investors should expect the market to ascend to many new highs over their lifetimes, even if the path isn’t always a straight one.