After last year’s sharp equity market rally, the recent selloff serves as a reminder that the exit from the pandemic will be bumpy—and some markets still look pricey. Defensive stocks with attractive valuations can help provide balance through an uncertain recovery.
Market patterns last year were as extreme as the COVID-19 environment that created them—first a historic crash, then a dramatic rebound, driven by a small group of giant growth stocks. Late in the year, vaccine hopes boosted value stocks in sectors more sensitive to economic growth.
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