At a high of 3387.89 scored today, the S&P 500 SPX has just breached its all-time closing high at 3,386.15, just shy of the 3,393.15 record intraday high, both for which were last registered on February 19.
However, the SPX is getting a big-5 boost from Apple AAPL, Microsoft MSFT, Amazon.com AMZN and Alphabet GOOG and Facebook FB.
Shortly after noon, these 5 stocks were accounting for around 40% of the SPX’s rise today.
Meanwhile, small-caps, the banks and energy are lagging.
Moreover, stock splits have been announced by Apple and Tesla which have boosted demand for shares.
However, such a move could prompt other companies with high-price shares such as AMNZ, GOOGL, to consider such a tact, but that is not necessarily a bullish outlook for the stock market, at least from a fundamental standpoint.
These stocks splits are not affecting the underlying value of the business, nor is it attracting investors who are concerned for anything more than technical, momentum and non-fundamental drivers.
SP 500 weekly chart
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