A small group of companies have gotten so big that they are essentially becoming the market, and when they do well, the markets do well.
Does that mean everything else was down? Of course not. In the second quarter, 313 of the 500 were up, 188 were down. But some very large companies had some big losses.So it can work in reverse. The biggest companies can also drag down a market cap weighted index."A lot of the super big-caps are continuing to grow, which is surprising because when you get that big it's harder to grow," Howard Silverblatt, who tracks indexing trends for S&P Global, told me.
Wrong. The S&P 500 would be flat. That's how powerful the biggest names have become. That's how much the world is willing to pay for growth. At any price.
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