Stock Bulls Can’t Get Enough of S&P as Rally Enters ‘Manic’ Zone

The louder the alarm bells are blaring about the stock-market rally getting excessive, the more investors appear to be tuning them out.

In a market that goes from one record to the next every four days, Wall Street seems too busy chasing the upside to worry about risks like a government shutdown and stretched valuations. A sentiment gauge compiled by Barclays Plc has been sitting near a level that indicates exuberance. A similar Bloomberg Intelligence measure is back to a “manic” zone that’s preceded lukewarm returns in the past.