The S&P 500 is now up 13% year to date and the Nasdaq is up 17%. Meanwhile, the DAX stock market index in Germany is up 19% so far this year.

The S&P 500 is now up 13% year to date and the Nasdaq is up 17%. Meanwhile, the DAX stock market index in Germany is up 19% so far this year.

Sell-side strategists, who have rushed to upgrade their stock targets ever since the market rebounded from its early-year slide, keep underestimating the rally’s strength.

European shares ended the day slightly lower on Wednesday, although defense stocks received a boost.