The S&P 500 (SNPINDEX: ^GSPC) hit a record high earlier this year, certifying the bull market that began when the index bottomed out in October 2022. But it's currently in the midst of a modest sell-off, which started at the end of March, as investors navigate headwinds relating to inflation and interest rates.History suggests the S&P 500 always climbs to new highs given enough time.