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This record bull market has been a contradiction in a couple of ways. Firstly, equities have reached new highs despite an anaemic global recovery that is among the slowest on record.
One of the issues with equity market indices is that the breadth of a move over a period of time is not readily apparent from the change in the index. This is a problem especially in the case of an upward move in an index where the constituents are weighted by market capitalization, as a surging stock can have a lopsided impact on the index because of its greater weight.