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Photo: Alexi Rosenfeld/Getty Images

The Nasdaq hit a new record high on Friday and the S&P 500 and Dow are close to doing the same, but the rally has not been universal, the Wall Street Journal reports.

What it means: "Most stocks are down this year, many by 20% or more. A few fortunate winners have generated big gains, fueling the misperception that losses have been minimal. The result is a market that isn’t as irrationally exuberant as it might appear."

  • "Overall, of the 3,470 stocks in the Wilshire 5000 index that traded between Dec. 31, 2019, and June 2, 73% had negative returns for the year to date."

The big picture: Large cap growth stocks are leading the way, Zweig says.

  • "In the first five months of this year, big growth stocks rose 6.1% while small, low-priced 'value' stocks lost 25.6%. That was the biggest gap in performance between them over any such period since early 1999 and the second widest on record back to 1986, according to AJO, a Philadelphia-based investment firm."

Between the lines: The returns are the latest example of the stock market's increasing consolidation among fewer companies, as the returns of companies like Microsoft and the FAANG stocks have powered overall markets higher.

Go deeper: The risk asset rally continues as stock market rebounds

Go deeper

Dion Rabouin, author of Markets
Sep 4, 2020 - Economy & Business

The stock market had its worst day in months, but no one is quite sure why

Data: FactSet; Chart: Axios Visuals

The Nasdaq fell 5% on Thursday, its worst decline since March, and the S&P 500 had its worst session since June, but no one was quite sure why.

What happened: Fund managers and strategists posited that profit taking or rebalancing was to blame as no fundamental drivers for the sell-off were apparent and it remains unclear whether Thursday was a fluke or the beginning of retrenchment from what most Wall Street analysts viewed as an overextended market.

8 hours ago - Health

Food banks feel the strain without holiday volunteers

People wait in line at Food Bank Community Kitchen on Nov. 25 in New York City. Photo: Michael Loccisano/Getty Images for Food Bank For New York City

America's food banks are sounding the alarm during this unprecedented holiday season.

The big picture: Soup kitchens and charities, usually brimming with holiday volunteers, are getting far less help.

10 hours ago - Health

AstraZeneca CEO: "We need to do an additional study" on COVID vaccine

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

AstraZeneca CEO Pascal Soriot said on Thursday the company is likely to start a new global trial to measure how effective its coronavirus vaccine is, Bloomberg reports.

Why it matters: Following Phase 3 trials, Oxford and AstraZeneca said their vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses.