NEW YORK: Even as record highs this week in the major U.S. stock indexes telegraph confidence on Wall Street, caution abounds in other U.S. markets, where falling bond yields and flailing small-cap stocks indicate investors are torn about where to place bets.
"Investors have got to be nuanced," said Andrew Milligan, head of global strategy at Aberdeen Standard Investments in Edinburgh, Scotland."I wouldn't disagree with being pro-cyclical or pro-yield." Yet the performance in shares of small-cap companies, which tend to be more domestically focused than their large-cap counterparts, belies such optimism. Though it has gained 16.6per cent for the year, the small-cap Russell 2000 index has underperformed the benchmark S&P 500 index , which has risen 19.5per cent. Whereas other indexes have marked new records, it remains 9.7per cent below its August 2018 high.
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