Since its lows in early June, the S&P 500 has now rallied more than 7%. What makes this rally unique compared to prior rallies is that equities have been rising even as crude oil has done nothing. Over the last several years, most advances in equities have been accompanied by rallies in the price of oil as well as other assets. In the current rally, however, the gains in equities have far outpaced the gains in other commodities.
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