Title: Reframing the S\&P500 Network of Stocks along the \nth{21} Century,
Abstract: Since the beginning of the new millennium, stock markets went through every
state from long-time troughs, trade suspensions to all-time highs. The
literature on asset pricing hence assumes random processes to be underlying the
movement of stock returns. Observed procyclicality and time-varying correlation
of stock returns tried to give the apparently random behavior some sort of
structure. However, common misperceptions about the co-movement of asset prices
in the years preceding the \emph{Great Recession} and the \emph{Global
Commodity Crisis}, is said to have even fueled the crisis' economic impact.
Here we show how a varying macroeconomic environment influences stocks'
clustering into communities. From a sample of 296 stocks of the S\&P 500 index,
distinct periods in between 2004 and 2011 are used to develop networks of
stocks. The Minimal Spanning Tree analysis of those time-varying networks of
stocks demonstrates that the crises of 2007-2008 and 2010-2011 drove the market
to clustered community structures in both periods, helping to restore the stock
market's ceased order of the pre-crises era. However, a comparison of the
emergent clusters with the \textit{General Industry Classification Standard}
conveys the impression that industry sectors do not play a major role in that
order.