The S&P 500 and Nasdaq hit all-time intraday peaks in early trading and the VIX index of implied volatility - known as the Wall Street "fear gauge" - fell to 9.56, the lowest since late 2006.
Fading political risk following France's election of centrist candidate Emmanuel Macron over eurosceptic Marine Le Pen, a strong USA results season, and an improving global economy appear to be helping investors sleep better at night, if recent measures of volatility are anything to go by.
At 12:28 p.m. ET, the Dow Jones Industrial Average .DJI was down 1.33 points, or 0.01 percent, at 21,010.95, the S&P 500 .SPX was up 0.85 points, or 0.03 percent, at 2,400.23 and the Nasdaq Composite .IXIC was up 23.68 points, or 0.39 percent, at 6,126.34.
The Nasdaq got a boost from Apple Inc, which became the first USA company to top the $800 billion mark in market capitalization.
She believes there are more nuanced reasons than complacency for the suppressed volatility, like the rise of exchange-traded funds and investors finding other ways to hedge besides S&P 500 index options.
The victory of business-friendly centrist Emmanuel Macron in France and earnings were also supportive for equities, ETX Capital senior markets analyst Neil Wilson said, adding: "So far, there is precious little to halt the rotation from bonds to stocks".
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However, analysts cautioned against investor complacency, especially after the market's strong run since Donald Trump's election as USA president. That's narrowly smaller than the 0.83 percent range seen at the end of July 2016. German yields rose by 1-2 basis points and the 10-year British gilt yield rose around 4 basis points.
Looking over the past year, the stocks of US rose even through risky events like the USA election and Britain's choice to exit the European Union.
Oil prices hovered near six-month lows as talks to extend a supply cut deal did little to soothe concerns about a glut amid a boom in US drilling.
Asian stocks did not perform as well, with China's seventh consecutive decline - the longest losing streak for four years - weighing on the region more broadly.