Dow Jones Climbs 1%, S&P 500 Up 0.47%

Without a stated catalyst, the move reads as sentiment rather than news, which makes the divergence between the Dow and the S&P 500 the more informative detail: the narrower index outpacing the broader one points to leadership concentrated in its larger constituents rather than broad participation. That distinction matters for anyone tracking whether equity risk appetite is genuinely broadening or simply rotating. Whether the gap persists into the next session is the open question.