by Wolf Richter
The market has come to totally depend on the “Giant 5.” A scary out-of-whack weight on the way down.
The “Giant 5” – Apple, Microsoft, Amazon, Alphabet, and Facebook – had another good day on Friday, with their combined market capitalization rising by 0.6% to another new high of $6.64 trillion, continuing a spike that started on March 16 and now measures 62.2%. In dollar terms, five stocks gained $2.54 trillion in less than four months.
Since January 1, 2017, my “Giant 5 Index” has soared by 184%, or by $4.3 trillion, with two sell-offs or crashes or whatever in between.