US stocks closed the first half of 2024 14 per cent above where they started the year on Friday, even as investors voiced growing concern over the narrowness of a rally in which just five stocks have driven most of the gains. The rise in the benchmark S&P 500 index was slightly below that seen in the bumper first half of 2023 but still ranks as one of the strongest performances for the opening six months of a year since the late-1990s dotcom bubble.
“It’s not unusual throughout history to see the largest members account for large gains in the indices, but when the rest of the market is struggling, that’s when red flags pop up,” he added. Nevertheless, some investors are hopeful that underperforming sectors will eventually start to catch up, without technology stocks going into reverse, following a pattern seen briefly in the fourth quarter of last year.
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