Seven words that bulls never expected to hear: Blue chips are leaders in this rally.
From the indexes’ closing lows on Nov. 4, the Dow Jones industrial average gained as much as 18%, while the Nasdaq and the S&P 500 rose 17% and 15%, respectively. The small cap Russell 2000 gained as much as 22% but has been moving essentially sideways since mid-December.
On Tuesday, the Dow was moving down less than the other indexes, particularly the Russell 2000 which lost 0.6% vs. the Dow’s 0.2% decline.