The stock market's benchmark S 500 index reached another all-time record high of 5,321.41 on May 21. Since then, the index has seen a small pullback, but the ongoing momentum in artificial intelligence (AI) stocks amid an improving economy and stabilizing interest rates could buoy the index to new highs. In fact, according to Fundstrat Global Advisors Managing Partner Tom Lee, the S 500 could reach 5,500 by the end of June.

While investors can take such forecasts with a pinch of salt, there is no denying that historical patterns favor the index continuing its rally.

Although some investors may be hesitant to invest when the market is at such a high level, picking up shares of quality companies with robust growth potential -- companies like Microsoft (NASDAQ: MSFT) and Amazon (NASDAQ: AMZN) -- can still be a profitable strategy in the long run.

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Source Fool.com