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Since the beginning of the new millennium, stock markets went through everystate from long-time troughs, trade suspensions to all-time highs. Theliterature on asset pricing hence assumes random processes to be underlying themovement of stock returns. Observed procyclicality and time-varying correlationof stock returns tried to give the apparently random behavior some sort ofstructure. However, common misperceptions about the co-movement of asset pricesin the years preceding the \emph{Great Recession} and the \emph{GlobalCommodity 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 ofstocks. The Minimal Spanning Tree analysis of those time-varying networks ofstocks demonstrates that the crises of 2007-2008 and 2010-2011 drove the marketto clustered community structures in both periods, helping to restore the stockmarket's ceased order of the pre-crises era. However, a comparison of theemergent clusters with the \textit{General Industry Classification Standard}conveys the impression that industry sectors do not play a major role in thatorder.

Reframing the S\&P500 Network of Stocks along the \nth{21} Century