US stocks are hovering near record levels but many are struggling to break out of a narrow trading range to hit new highs. One reason: Fewer individual stocks are contributing to the rally.
The number of stocks hitting 52-week highs has fallen since June—when the S&P 500 kicked off its last successful run at a record. Last week, 106 firms in the index set new 52-week highs, down from 293 in mid-June, according to FactSet.
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