Giovanny Moreano is a Quantitative Analyst at CNBC.
Since 1928, the market has been up this much only 14 other times.
On the heels of Microsoft boosting its dividend and renewing its buyback, there are a host of other companies that could be candidates for the same.
The Russell 2000's relative performance is pronounced, gaining an astonishing 24 percent year to date.
Investors are celebrating the second strongest bull run since World War II.
Demand for small-cap stocks is increasing relative to established large-cap names.
With stocks up, short interest reached the highest level in 20 months, but some investors see the trend as a bullish sign.
Since the S&P 500 closed at a 3½-month low of 1,741.89 on Feb. 3, 2014, the index is now up 6 percent.