As U.S. stocks entered a bear market, a trend since the start of the preceding bull market gained momentum: Nasdaq’s biggest companies beating the S&P 500 Index. The Nasdaq-100 Index rose Monday to its highest level relative to the S&P 500 since March 2000, according to data compiled by Bloomberg. The ratio climbed 9.1% from Feb. 19 through Wednesday, a period in which the S&P 500 tumbled 34% from a record. Relative strength in the Nasdaq-100 “tells us that we probably aren't out of the woods yet," Jonathan Krinsky, chief market technician at Bay Crest Partners LLC, wrote Sunday in a report.
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