Stocks have done something they haven’t done in more than a quarter of a century, with the Dow industrials, the S&P 500 and the Nasdaq all closing at record levels for a fifth session in a row.

Stocks ended higher Wednesday as the Dow Jones Industrial Average DJIA, -0.46% closed up 107.45 points, or 0.5%, at a record 20,611.86; the S&P 500 index SPX, -0.84% finished up 11.67 points, or 0.5%, at a record 2,349.25; and the Nasdaq Composite Index COMP, -1.26% gained 36.87 points, or 0.6%, to close at a record 5,819.44.

The last time all three benchmarks closed at records for five consecutive sessions was back on Jan. 2, 1992. They went on to do it again for a sixth day in a row in a streak that ended on Jan. 3, according to Dow Jones data.

Back on Jan. 3, 1992, the Dow industrials reached a then-record close of 3,201.50, the S&P 500 topped out at 419.34, and the Nasdaq reached 592.65.

“Back in 1992, the crash of 1987 was still fresh in everyone’s minds,” said Paul Nolte, portfolio manager at Kingsview Asset Management, in an interview. “In hindsight, we were halfway through a bull market and at that time valuations were still reasonable contrasting with today.”

Nolte said valuations are now in about the top tenth percentile than they have ever been in history, and to say that we are halfway though the current bull market would be a mistake.

“Markets are still in the honeymoon phase and giving [President Donald] Trump a pretty wide berth,” Nolte said.

“It’s a lot different market now,” said Robert Pavlik, chief market strategist at Boston Private Wealth, in an interview. “1992 was before the tech bubble, we didn’t have the housing bubble. This market is being fueled by different things, but mainly the prospect of economic growth being brought back to the market.”

The Dow industrials are certainly a different group than they were 25 years ago: Less than half the Dow components from 1992 are still on the average.

Back in 1992, components on the Dow that are still on the average today include Boeing Co. BA, +0.04% , Caterpillar Inc. CAT, +1.82% , Chevron Corp. CVX, +0.29% , Coca-Cola Co. KO, -0.47% , DuPont DD, +0.99% , Exxon Mobil Corp. XOM, -0.02% (then just Exxon), General Electric Co. GE, +4.44% , International Business Machines Corp. IBM, +0.56% , J.P. Morgan Chase & Co. JPM, -1.14% (then just J.P. Morgan & Co.) , McDonald’s Corp. MCD, -0.99% , Merck & Co. MRK, +0.08% , Procter & Gamble Co. PG, -0.13% , and Walt Disney Co. DIS, -1.41%