For the majority of the bull market that followed the global financial crisis (GFC), and pretty much all of last year, a handful of stocks were responsible for the majority of the U.S. equity market’s gains. As these high-growth, mega-cap companies outperformed, more and more investors piled in, pushing the S&P 500 to an all-time high just months after hitting a pandemic-induced low. However, the outcome of the 2020 U.S. presidential election, coupled with positive news on vaccines late last year, has resulted in a significant shift in market dynamics.
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