US stocks shine brightest in global April rally

US stocks sprinted higher in April, helping them recapture the lead from their developed Asian and emerging-market peers for all of the rally that began last fall. Global equity performances continued to hinge on the increasingly divergent post-crisis recovery trajectories across economies.

As shown below, the Russell 1000 is now ahead of non-US stocks by four percentage points since October. After significant April setbacks, Japanese and emerging-market equities are significantly underperforming in relative terms for the longer time frame. UK stocks also continue to lag non-UK peers for the seven-month period, despite recent strength.

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