Yesterday equities had a strong start to the week unlike the Yankees who ended last night’s game with as many errors as they had hits. Within markets there wasn’t a clear identifiable catalyst to explain the sudden burst of strength. Despite yields continuing to move higher breadth has been improving since late last week with only REITs closing lower yesterday. Materials, Comm Services and Energy led to the upside. The S&P 500 ended the session up 0.7% within a stone’s throw of all-time highs.

Thankfully Jazz wasn’t throwing the stone. Equities are extending yesterday’s gains with the S&P 500 officially hitting a new all-time high shortly after the open. Once again, the gains are pretty broad based being helped by a modest pullback in oil prices and yields, though the former has since reversed. The market cap weighted S&P 500 is up 0.7% while the equal weight is up a similar amount. There is some underperformance in the small caps which are more impacted by the recent rise in rates.