Many concerns have been stressed about the concentrated returns of the S&P 500 and how much of its gains have largely been supported by the magnificent seven, but signs of broadening gains are starting to surface with many popular stocks tagging new all-time trading highs on Thursday.
With the benchmark average flirting with yet another record high, so to do many popular names on Wall Street. See below 10 stocks that have each hit all-time trading highs on the session.
New All-Time Trading Highs
- Allstate Corporation (ALL) hit $174.57 a share.
- Caterpillar (NYSE:CAT) hit $381.03 a share.
- Dell Technologies (NYSE:DELL) hit $136.16 a share.
- Diamondback Energy (FANG) hit $203.97 a share.
- GoDaddy (GDDY) hit $125.55 a share.
- McKesson Corporation (MCK) hit $543 a share.
- NRG Energy (NRG) hit $73.13 a share.
- ONEOK (OKE) hit $80.81 a share.
- Phillips 66 (PSX) hit $173.75 a share.
- Raymond James Financial (NYSE:RJF) hit $131.19 a share.
The above mentioned names are not the only stocks to jump to record highs on Thursday. In total, 113 names have hit all-time trading highs on the day. Of the stocks that notched new all-time highs they were also seen across multiple sectors and industries such as Industrials, Financials, Utilities, Info Tech, and others.
Further supporting the idea of a broadening market can also be seen when analyzing the Invesco S&P 500 Equal Weight ETF (RSP) which has outperformed the traditional S&P 500 tracking ETF (SPY) over the past month. Over a 1-month period, RSP has advanced 2.4% while SPY is up 2.2%.
Additionally, when looking at a larger time frame the two funds trade mostly neck and neck over the past 6 months with RSP returning 20.8% and SPY returning 23.2%.