The stock market’s most hated rally keeps getting stronger

U.S. equity markets are powering higher with breadth and momentum measures that look historically unusual. The Nasdaq Composite is on a 13-day winning streak — a rarity over the past four decades — while the S&P 500, Russell 2000, Dow Transports, SOX and XLK are at fresh records. The S&P 500 is poised for a third straight weekly gain of more than 3%, a feat not seen since November 2002, and sector breadth is broadening beyond semiconductors (IGV posted its best week since October 2001). Analysts warn of caveats: market breadth hasn’t fully confirmed the breakout and there are historical parallels to both early-2000s recoveries and the late-2000 dot-com peak, implying upside momentum but also lingering concentration and durability risks. Overall, the tape favors buyers, though some caution remains under the surface.