Fed officials just hat-tipped what happens next for interest rates.

Don't Fight the Fed" is a fundamental financial-market shibboleth that most investors swallow like baby cereal.

Given the home economy's exceptionality and the dollar's power and ubiquity in global commerce, the statement makes sense: 

This year, the question has plagued markets and severely weakened the narrative around the S&P 500's recent push beyond the 5,000-point threshold. 

If the Federal Reserve is not in a rush to lower rates this spring and may even decide to wait until well into the summer to reverse some of the most aggressive policy tightening in a generation, then why are stocks still setting records both domestically and internationally?

With that action, the benchmark's bull run from October lows was solidified, and blue-chip corporate America is currently valued at around $42 trillion.

First, the limited scope of this year's advance, which has been driven by a small number of equities, worries a lot of investors, according to Adam Turnquist, chief technical analyst at LPL Financial.

According to him, "Amazon, Meta, Microsoft, and Nvidia have done most of the heavy lifting," accounting for about 75% of the S&P 500's overall gain this year. 

"That's more than double the contributions from the top four stocks during this time last year."

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