The US economy has surprised on the upside in 2017, with growth remaining strong, despite the policy paralysis within the Trump administration.
This has been reflected in the performance of the S&P 500 index, which is up 16.9% year-to-date in US dollar terms. However, underneath this headline figure, there is significant distortion within the US equity market. Much is written about the ‘FANG' stocks (Facebook, Amazon, Netflix & Google), but it is actually Apple, Alphabet (Google's parent company), Amazon, Facebook and Microsoft that are among the largest ten stocks in the benchmark. Tech rally: Is this time truly different? These companies are investor favourites and, in aggregate, they are holding up the US equity market...
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