The Dow, S&P 500 and Nasdaq Composite all closed at record highs on Friday. Brendan McDermid/Reuters New York —

The stock market rally has already defied expectations this year, shrugging off geopolitical strife, economic uncertainty and global trade tensions to reach fresh record highs. Some analysts say the rally might just be getting started.

The Dow closed above 47,000 points for the first time ever on Friday, buoyed by cooler-than-expected inflation data that supported hopes for interest rate cuts from the Federal Reserve.

The S&P 500 has rallied 36% in just over six months, boosted by strong corporate earnings and optimism about Fed rate cuts. Enthusiasm about artificial intelligence had stoked bubble concerns but also contributed to the market’s ascent.

“Absent some

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