Forget Biden Vs. Trump: The Incumbent Is Winning in Stock Market

(Bloomberg) -- A strange thing happened on the way to the biggest post-election surge in modern stock-market history. On Wednesday, while the S&P 500 was tacking on $600 billion of fresh value, most of its members fell.How the index still managed to gain so much altitude is the story of the week and of the year: a reigning oligarchy of market behemoths, soaring past everything else.Yesterday, as the big American equity benchmark rallied 2.2%, some 270 of its constituents were nursing losses....