Daily Report : Prices are surging and Wall Street can't keep up; Cyclical stocks are outperforming again

Share prices are surging, and Wall Street can't keep up. The S&P 500 is now nearly 10% above where strategists think it should end the year, the widest spread in more than 20 years. Analysts have been rushing to upgrade price targets, but even that hasn't been enough to keep up with gains in Apple, the largest stock in the market.; Driven by some of the most popular big tech firms, cyclical stocks just made a new high relative to defensive stocks for the first time in several months. Other times when cyclical stocks made a fresh relative high versus defensive stocks, it was good for the broader market, though the ratio is high enough now to be concerning on a long time frame.

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