The hallmarks of a bull market are rising prices, optimism and even euphoria. And the current bull market in stock prices has some of that plus more. Beneath the strong uptrend is broad participation by all S&P 500 Index industry sectors.

Among the 11 sectors within the S&P 500, all groups have positive year-to-date performance.

“Value-oriented sector ETFs such as financials and energy have garnered the most inflows. But in the past month investors have rotated back toward growth with healthcare and technology", said Todd Rosenbluth, head of ETF and mutual fund research at CFRA.

Lifted by soaring residential real estate prices, the Vanguard Real Estate ETF (VNQ) has shot up 26.2% year to date. Elsewhere, demand for warehouse space is offsetting office vacancies. Companies including Amazon.com, Walmart and others have been expanding their fulfillment centers to cope with burgeoning consumer e-commerce.

Formerly beleaguered industry groups such as energy and materials that got crushed during the 2020 coronavirus correction have been strong 2021 performers, too. 

Since the year began, the Energy Select Sector SPDR ETF (XLE) and Materials Select Sector SPDR ETF (XLB) have jumped by 32.7% and 13%, respectively. Soaring commodity prices have boosted both sectors.

While just 8% of S&P 500 companies have reported second-quarter earnings thus far, the early results look good. Among those that have already reported, 85% have released earnings-per-share numbers that topped estimates, according to FactSet. Furthermore, companies are reporting earnings that are 23% above estimates, which is well above the five-year average.

This year’s sector laggards have been confined to defensive industries such as consumer staples and utilities.

The Consumer Staples Select Sector SPDR ETF (XLP) and Utilities Select Sector SPDR ETF (XLU) have modest gains of 6% and 4.9%, respectively. Meanwhile, growth-oriented sectors represented by the Technology Select Sector SPDR ETF (XLK) and the Communication Services Select Sector SPDR ETF (XLC) have respective gains of 17.3% and 20.8%.

Have equity bulls become too bullish?

Perhaps, and if you’re looking for signs of froth check out the frenzied market in initial public offerings and special purpose acquisition companies.

So far this year, 236 companies have launched IPOs, which is an impressive 195% year-over-year jump. 

Another 378 SPAC IPOs, with $114 billion raised, have also joined the fray. The total proceeds raised by both groups is a whopping $214.7 billion, according to SPAC Analytics. For perspective, that figure swamps the record $93 billion raised by the combined groups in 2014. 

Despite signs of overheating in the IPO and SPAC markets, none of it diminishes the positive performance for all S&P 500 industry groups. And whether you’re a bull or a bear, it’s hard to argue against the strong results.

Ron DeLegge is founder and chief portfolio strategist at ETFguide, and is the author of "Habits Of The Investing Greats."