The S&P 500 index has not fallen more than 1% during 38 consecutive sessionsa RBullish ax that was last matched at the end of 2021 when investor optimism fueled the recovery to its all-time high.
The hype around artificial intelligence has been spurring demand for growth stocksand the technology sector was initially the main driver of the S&P rally, fueled by gains this year of more than 220% for Nvidia Corp.; about 60% for Amazon.com Inc.; 50% to Apple Inc.; and double-digit gains for Alphabet Inc. and Microsoft Corp.
S&P Merval reaches all-time high boosted by inflow of foreign funds
The breadth has now improved significantly, as 168 stocks in the index are trading just 5% off their 52-week high. About 327 stocks are within 15% of their one-year high.