The S&P 500 is in one of its longest streaks without a 1% daily move in the past five decades, highlighting how the latest leg of the stock-market rally has been a gradual climb rather than a euphoric surge.

The broad equity gauge hasn’t moved 1% or more in either direction since mid-October, its sixth-longest streak since the end of 1969 and third-longest since the end of 1995, according to Dow Jones Market Data. Driving the extended period of calm trading: An initial U.S.-China trade deal and lower interest rates around the globe that have eased fears of a sharp economic slowdown.

Stocks have been resilient to start the year, shaking off concerns about conflict in the Middle East, lukewarm earnings and downbeat manufacturing activity to fuel confidence that the longest-ever bull market can continue. The S&P 500 has risen 11% in the past three months and 27% in the past year, supported by bets on a more stable economic outlook. It hit a fresh record Thursday at 3316.81.

“Right now it’s very, very tough to fight this trend,” said Yousef Abbasi, global market strategist at INTL FCStone. “There’s a reinvigoration in the idea that we will see better growth.”

At the same time, many analysts are wary that the eventual return of volatility could fuel an unwind of wagers on riskier investments and spark a market downturn.