“For a market rally derided as among the most unloved in decades, the S&P’s advancement rests on many pillars — 10, to be exact,” writes Joseph Quinlan, Chief Market Strategist at U.S. Trust.
“All 10 sectors of the S&P have posted double-digit gains year-to-date, a rare market trait considering that it has been nearly 20 years since all 10 sectors of the S&P have registered annual gains of 10% or more,” he added. “Indeed, the last and only time it happened was in 1995, following the equity blood bath in 1994, when the Federal Reserve brutally raised the Fed Funds rate six times.”
The S&P 500 is up 25% year-to-date. The lagging sectors include telecoms and utilities, which are each up by around 15%.