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The U.S. stock market hasn’t followed the script in 2021. The S&P 500 index returned 26% through Dec. 16, well ahead of the roughly 10% gain projected, on average, by strategists at the start of the year.
Many expected value stocks to finally best their growth counterparts after a decade of underperformance. But after a strong start this year, value is ending in a familiar place, about five percentage points behind growth, based on the large-cap Russell 1000 index.