Here’s something to consider with the S&P 500 on the verge of erasing all its 2020 losses: Ever since the benchmark bottomed in March, every single one of its members has posted a positive return.

Some, as always, will say the feat sends a negative signal -- that every company is moving together and once the rally falters it will all reverse. But many more observers proclaim it’s a representation of broadening participation in the stock market rebound, a necessary ingredient to prove the equity run is here to stay.

“Breadth and participation in the market has decidedly improved, certainly in the more cyclical space,” said David Sowerby, portfolio manager at Ancora Advisors in Cleveland. “Some of the companies since mid-April to mid-May have seen a meaningful rotation, where breadth and participation has been significant.”

The classic market-cap weighted S&P 500 is up 43% since March 23, and less than 1% away from making up everything it lost this year. While an equal-weight version of the index that gives Coty Inc. just as much importance as Microsoft Corp. is still down 3% in 2020 due to a more severe decline, the gauge is up 56% since bottoming in March as companies and sectors hit hardest by the coronavirus surge.

“This is honestly beautiful, it’s great to see the sector rotation and it’s well deserved,” said John Ham, associate advisor at New England Investment and Retirement Group. “To finally see some of the value companies participating in this is exactly what the market needed. You can’t just rely on tech, you need other participants.”

This article was provided by Bloomberg News.