A different way to look at the late market rally is that it is options related ahead of tomorrow's option expiration... Since index options expire on the opening print, any trading has to be completed today, explaining the trading spike late in the day. Thus, dealers who are short SPX calls have to keep buying futures or SPX cash baskets to keep their hedge on, resulting in purely technical fluctuations in the market.
Couple this with the rumored tremors in quant land and the entire rally, again, is likely not related to individual equities.
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