Stock-market investors have been pricing in a recovery from the coronavirus crisis for a few months now. But a uniquely significant development occured mid-May.
For proof of this game changer, look no further than the uptick in stocks that are most sensitive to the economy's gyrations., which had largely ebbed and flowed, began a more convincing rally that showed investors were becoming more bullish. He views the newfound leadership of value and international stocks as a moment of transition away from the last decade in which growth and US were the best performers.
Such a handover should not perplex students of history because it would mimic transitions that occured after the two most recent recessions.
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