NEW YORK – For the second time in less than a month, the American stock market marched past another milepost on its long, turbulent journey back from the Great Recession, toppling another record left over from the days before government bailouts and failing investment banks.

The Standard & Poor’s 500 closed at a new high Thursday, three weeks after another popular market gauge, the Dow Jones industrial average, obliterated its own closing record.

The reaction on Wall Street was muted — more of a dull buzz than a victory cry. Investors warned clients not to get overly excited.

“Getting back to where we were is an important step,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. But he cautioned in a note to investors: “Markets are volatile, and if you are a long-term investor you should expect declines.”

The S&P rose six points to 1,569, a gain of 0.4 percent, beating by four points its previous record of 1,565.15 set on Oct. 9, 2007. The index is still shy of its all-time trading high of 1,576.

The index has now recovered all of its losses from the recession and the financial crisis that followed. Investors who put their dividends back into the market have done even better. A $10,000 investment in the S&P back in October 2007 would be worth $11,270.