The S&P 500 has closed at record highs 67 times in 2017, the most highs in 20 years.  The index is also on its longest streak ever without a 3% correction.  I still see a rising interest rate environment as being a drag on Stocks for two reasons.  In the first place, rising bond yields will be attractive to investors whose portfolios have become bloated with equities and they want to re-balance to protect the gains.  Secondly, for leveraged companies (that is, business that have borrowed money for growth), rising interest rates means higher costs, and higher costs means less profit.  Less profit leads to a devaluation of your stock price, which is what causes corrections.  And make no mistake, higher interest rates are coming.