The third week of August 2020 became part of stock market history as the S&P 500 set new intraday and closing all-time highs on its way above 3,400.
At the close August 24, the S&P 500 (3,431.28) was up 6.21% year-to-date (Nasdaq Composite up 26.83%) and 56% above its March 23 low.
Only a few stocks are driving the market
Nonetheless, 58% of the S&P 500 had year-to-date losses and the average for all S&P 500 stocks was a 5.73% loss. Removing the Technology sector stocks and some high-profile Communication Services stocks leaves the balance of the S&P 500 stocks down 10% year-to-date. The equally weighted S&P 500 Exchange Traded Fund is down 4.04% while the five largest-cap stocks in the S&P 500 are up an average of 48% this year.