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Behemoths now driving relentless outperformance of US equities

One intriguing development in equity markets since the outbreak of coronavirus has been the S&P 500’s continued outperformance of many benchmark indices outside the US. For example, since 19th February the index is only down about 18% at the time of writing, compared to drops of around 26% and 27% in the FTSE All-Share and the Euro Stoxx, respectively.

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