Good morning,
February was supposed to be tough sledding. The month was seasonally one of the worst, breadth was deteriorating, small caps were falling apart and the market was forced to reckon with a Fed that wasn’t going to deliver cuts anytime near the next month.
So what happened?
Everything rallied. The S&P 500 gained 6%, closing at a new all-time high on Friday. All 11 sectors were higher and gains were finally led by sectors other than technology, though tech still outperformed.
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