REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 24 (Reuters) - Signs the U.S. stock market rally is broadening from the so-called Magnificent Seven of mega-cap growth and technology companies is bolstering investor hopes for a rally through year-end.
In one encouraging sign, about 55% of the S&P 500 were trading above their 200-day moving averages as of Monday.
Among other signs, the equal-weight S&P 500 (.SPXEW) -- a proxy for the average stock in the index -- rose 3.24% last week.
The equal-weight S&P 500 is trading at a 5% discount to its 10-year average forward price-to-earnings ratio, according to Edward Jones.
Still, there are reasons to think that the market rally is not on the verge of a sustained broadening.
Persons:
Brendan McDermid, Adam Turnquist, Meta, Russell, Mona Mahajan, Edward Jones, ” Mahajan, Steve Sosnick, Jason Draho, David Randall, Lewis Krauskopf, Saqib Iqbal Ahmed, Megan Davies, David Gregorio Our
Organizations:
New York Stock Exchange, REUTERS, Federal, LPL, Microsoft, Nasdaq, Interactive Brokers, UBS Global Wealth Management, Thomson
Locations:
New York City, U.S, Treasuries