Market Insider

Markets are churning higher, and one sector leads the way — again

VIDEO4:4104:41
Dispelling 'urban myths' about banks: Dick Bove

The break higher in the stock market looks like it can continue, because banks are leading the way again.

Without that financials sector, the S&P 500 would be less than 2 percent above an old record hit Aug. 15, 2016, rather than posting the more than 4 percent gain it's had since then, according to Howard Silverblatt of S&P Dow Jones Indices. His data show that Goldman Sachs alone has accounted for 22 percent of the Dow Jones industrial average's gains since the election.

The financial sector — which includes banks and insurance companies — is seen as almost a necessary component for a rally with staying power.