and S&P 500
booked their best quarterly performance since 1987, though that doesn’t quite make up for ugly first-quarter losses. Beating all comers was the Nasdaq Composite
, up 30% for the biggest quarterly gain since 1999 as technology stocks have largely emerged in decent shape from a tough six months.
Our call of the day advises sticking with the winners for the rest of the year. “We believe that the U.S will remain the relative regional outperformer and that the style leadership will firmly return to tech and defensives, post the tactical value rally seen in [second half] of May and [first half] of June,” says Mislav Matejka and a team of strategists at JPMorgan Casenove.
Value stocks, often in cyclical industries that perform better as economies recover, have been bouncing back in recent weeks. Laggards in the post-financial…