Rise in main indices ‘completely misleading’ with many shares trading at 12-month lows
US stock markets are once again sailing to record peaks, yet under the surface, a strong tide is pulling down the share prices of hundreds of companies to their lowest levels of the past 12 months.
Earlier this month 1,380 stocks traded on US stock exchanges hit their lowest levels in a year.
Just five stocks — Apple, Microsoft, Nvidia, Tesla and Google parent Alphabet — have accounted for more than half of the S&P 500’s returns since April
FT 17 December 2021
https://www.ft.com/content/d248d1af-261e-47c8-9a5f-0d264cb9f83b
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