Making sense of a stock market just 16% off its high while a pandemic costs 26 million jobs

in hive-116221 •  3 months ago 

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  • The S&P 500 is just 16% off its all-time high and up 29% off its low a month ago despite a pandemic that's cost 26 million jobs.
  • But stocks don't appear to be handicapping a quick resurgence in the economy when looking at the weak performance of "early cycle" groups such as autos, banks, consumer durable goods and retail.
  • Big, steady secular-growth stocks in technology, healthcare and consumer staples are holding things together.
  • Amazon's $1.2 trillion market value now accounts for more than 40% of the entire value of the S&P 500 consumer-discretionary sector.


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