Lost in the shuffle of this surge higher for the market is the quickly expanding P/E ratio of the S&P 500. As shown below, the S&P's trailing 12-month P/E is currently at 15.25 (as of Thursday's close). Valuations can certainly expand during rallies, but it's just something to be aware of here with all the news focused on the push to all-time highs.
Below are one-year charts of the trailing 12-month P/E ratios for the ten S&P 500 sectors. You can see which sectors have impacted the S&P's expanding P/E ratio the most. These include Health Care, Industrials, Consumer Staples, Consumer Discretionary and Utilities. The two consumer sectors are really seeing their valuations tick higher recently. On the other hand, Financials, Energy, Materials and Technology have yet to see their P/Es break out to new highs.