The U.S. stock market remains strong. Mega-cap technology companies have propelled index returns higher since last October, but the rally has also gained breadth recently. The S&P 500 equal-weighted index, for example, has also risen to a record high, and approximately 20% of S&P 500 stocks are trading at or near 52-week highs. That’s the highest percentage we’ve seen since May 2021.1In late February, I wrote a column about strong market returns making investors worried.
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