Today, a smaller cluster of American companies commands a larger share of total corporate profits than since the 1970s. The impact of this phenomenon has been clear in the stock markets, where a band of household-name companies — led by Apple, Amazon, Facebook and Google — has fueled the nine-year bull market, the second-longest behind the rally that ended in 2000. Their successes also are propelling the broader economy, which is on track for its fastest growth rate in a decade.
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