The U.S. stock market has been mostly bounding higher of late, with the Nasdaq hitting a record on Thursday and other major indexes on track for the fifth rise of the past six sessions. Investors shouldn’t be fooled, however. Although, stocks have broadly been doing well, the gains are much narrower than may be apparent at first blush. The rally in stocks is heavily due to pronounced outperformance in just a few names. Because these companies are among the largest on Wall Street, they have an outsize impact on the broader impact. As has been the case for months, the gainers are largely within the FAANG group of stocks, an acronym that refers to Facebook FB, +0.16% Apple AAPL, +0.21% Amazon AMZN, +0.51% Netflix NFLX, -3.21% and Google-parent Alphabet Inc. GOOGL, +0.41% All five are in the technology or internet space, as Amazon and Netflix are technically classified as consumer-discretionary stocks. via