S&P 500 Breadth Improves as More Than 60% of Stocks Post Gains and One-Fifth Hit 52-Week Highs
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More than 60% of S&P 500 stocks have posted year-to-date gains, indicating improved market breadth beyond the "Magnificent Seven" megacap tech stocks
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On Monday, 21.2% of S&P 500 stocks hit new 52-week highs, the highest percentage since May 2021
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The industrials and materials sectors have seen a "steady widening" in stocks reaching 52-week highs in 2023
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While 30% of tech stocks hit 52-week highs Monday, that percentage has fallen from 34% on Friday
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Consumer discretionary stocks hitting 52-week highs also dropped from mid-December levels, suggesting the rally is broadening