Just a Few Stocks Driving S&P 500 Rally Triggers Dot-Com Bubble Flashbacks

The US stock market’s rally to new highs has been propelled by so few stocks that it’s reminding some on Wall Street of the runup to the dot-com bubble.

And while the comparisons should only go so far, given the massive profits being booked by the megacap stocks leading the market these days, narrow breadth is still causing concern for many investors and analysts. Among them is Ben Snider, chief US equities strategist at Goldman Sachs Group Inc.