What's Beyond the S&P 500's Relentless Rally
In a relentless rally, the S&P 500 is up 19.3 percent since mid-November, breaching 1,600 for the first time ever on Friday and settling at a record close of 1,614.42.
Since the low last November, five S&P sectors are already in bull market territory: financials, health care, consumer discretionary, utilities and consumer staples are all up more than 20 percent.
In recent weeks, however, there has been some sector rotation, specifically, a resurgence in tech.
Last week, the S&P tech sector significantly outperformed all other major groups, up 4.6 percent, for its best week in over a year. Energy and materials were also at the top of the list, gaining 2.9 percent and 2.4 percent, respectively.
Part of the gains in tech were led by Apple. The stock rebounded from its 52-week low, posting its best two weeks in over three years, up 15 percent.
Why the shift? Dan Greenhaus, chief global strategist at BTIG, said that if investors believe the economy will improve and the Federal Reserve remains engaged, then it may make sense to move out of defensive names and into the more economically sensitive corners of the market.
Below is a look at the S&P 500 sectors since the November lows.
|S&P Sectors||% Chg. from 11/15|
—BY CNBC's Giovanny Moreano. Follow him on Twitter: @giovannymoreano