Winners Taking Everything in Relentless Five-Week Nasdaq Surge

Winners Taking Everything in Relentless Five-Week Nasdaq Surge

For a clear lens into how investors see the Covid crisis reordering the economy, consider how they are dividing the stock market's bounty during what is fast becoming the rally's most powerful stretch.A five-month surge in the Nasdaq 100 just pushed one valuation measure -- the index's price relative to the combined sales of its companies -- above 5 times, a level comparable to the dot-com bubble. On the other end of the luck spectrum are small caps, where pessimism about a