In the S&P 500's march past 1,600, consumer stocks — both staples and discretionary — have been among the leaders. But as this bull market continues to run and the economy remains resilient, investors appear to be getting more comfortable owning cheaper cyclical sectors like industrials and energy.
"It's been an extraordinary start to the year," Dan Greenhaus, global strategist at BTIG, told CNBC. "Over the last 30 plus years, you've really only had three or four years start at a faster pace than we've seen this year."
With markets entering what is traditionally a seasonally slow period, BTIG's Greenhaus expects investors will find stock returns for the rest of the year muted. "But that said, coincident with Friday's number the stock market keeps going higher," he added.