The S&P 500 breached 4,300 today after yesterday’s closing level (4,293.93) marked a 20% advance off the October closing low, which enables it to meet the technical definition of being in a new bull market.
Mega caps are in a leadership position again today, but other stocks are coming along for the upside moves, too. The Vanguard Mega Cap Growth ETF (MGK) is up 1.1% and the Invesco S&P 500 Equal Weight ETF (RSP) is up by a modest 0.1%.
Small and mid cap stocks have been left out of the rally so far. The Russell 2000 is down 0.2% and the S&P Mid Cap 400 is down 0.3%.
Market rates are climbing.
The 2-yr note yield is up seven basis points to 4.59% and the 10-yr note yield is up five basis points to 3.76%.