Market Extra: A handful of stocks are driving almost all of the market’s gains. Here’s what that might mean for your portfolio

United States

It’s an age-old Wall Street adage attributed to legendary market technician Bob Farrell: “Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.”

That quote has been bandied about quite a bit recently, having been cited in research notes published by Rosenberg Research founder (and Merrill Lynch veteran) David Rosenberg and others as the stock-market rally in 2023 has been largely driven by a handful of megacap stocks.

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