Stock Market’s Rally to Record High Masks Weak Building Blocks

The record-breaking advance in US stocks has many of the hallmarks of an unloved rally, including narrow leadership, low volumes and muted investor sentiment.

The equities benchmark is up almost 9% in April, closing above 7,000 for the first time last week. The tech-heavy Nasdaq 100, meanwhile, logged a 13-session rally, its longest winning streak since 2013, before slipping Monday as investors monitored prospects for further peace talks between the US and Iran.