Part 2/8:
One of the most surprising observations is how broad the rally has become. Traditionally, market rallies can be like narrow streaks driven by a handful of sectors or stocks, but this rally defies that pattern. Banks, transports, technology, utilities, and various market capitalization segments—including small-cap and mid-cap stocks—all marched higher in unison. This broad-based strength contrasts with the usual criticisms about market concentration and speculative bubbles.