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2021-08-30

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Stock Market Turns Cautious as ‘Defensive’ Shares Surge<blockquote>随着“防御性”股票飙升，股市变得谨慎</blockquote>

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Some of the hottest stocks in the U.S. are pointing to an economic cool-down.<blockquote>公用事业和医疗保健行业是标普500本季度表现最好的行业之一。美国一些最热门的股票表明经济正在降温。</blockquote> Utilities and healthcare are among the best-performing groups in the S&amp;P 500 so far this quarter, with gains of 7.8% and 6.6%, respectively, compared with a 4.9% rise in the broad stock index. Big winners include utilityNextEra EnergyInc.,NEE-0.48%which is up 14% this quarter, while shares of medical companyDanaherCorp.DHR0.24%are up 19%.<blockquote>公用事业和医疗保健是本季度迄今为止标普500表现最好的板块之一，分别上涨 7.8% 和 6.6%，而综合股票指数上涨 4.9%。大赢家包括公用事业公司 Nextera EnergyInc.,NEE-0.48%，本季度上涨 14%，而医疗公司 DanaherCorp.DHR0.24% 的股价上涨 19%。</blockquote> The gains are noteworthy because investors typically pile into those types of stocks when they are expecting the outlook to darken. Visits to the doctor and electricity use are less apt to decline in a pinch than spending on vacations or new furniture. Goldman Sachs this month cut its third-quarter U.S. economic growth forecast to 5.5% from 9%, citing slowing consumer spending in the face ofrenewed Covid-19 outbreaks.<blockquote>这些涨幅值得注意，因为当投资者预计前景黯淡时，他们通常会大量买入这些类型的股票。在紧急情况下，看医生和用电量比度假或购买新家具的支出更不容易下降。高盛本月将美国第三季度经济增长预期从 9% 下调至 5.5%，理由是面对新一轮 Covid-19 疫情，消费者支出放缓。</blockquote> <img src=\"https://static.tigerbbs.com/c59a8812aec48e76392174fb9dcf1d15\" tg-width=\"323\" tg-height=\"416\" referrerpolicy=\"no-referrer\">A drop in economic growth from its mid-2021 pace hardly presages a recession, which is the development that often spells the end of stocks’ advance. But rallies in these so-called defensive sectors can presage broader market retreats, investors say, potentially spelling out a fresh test for a market whose post-pandemic rise has surprised many stock-market bulls.<blockquote>经济增长率较 2021 年年中下降并不预示着经济衰退，而经济衰退往往意味着股市上涨的终结。但投资者表示，这些所谓的防御性板块的反弹可能预示着更广泛的市场回落，这可能会给大流行后的市场带来新的考验，大流行后的上涨让许多股市多头感到惊讶。</blockquote> “When those sectors are doing well, as they’re doing now, that tells you that the market is bracing for either a slowdown in the economy or some sort of a correction in the broad market,” said Phil Orlando, chief equity-market strategist at asset manager Federated Hermes.<blockquote>“资产管理公司 Federated Hermes 的首席股票市场策略师菲尔-奥兰多（Phil Orlando）说：”当这些行业表现良好时，就像现在这样，这告诉你市场正在为经济放缓或大盘出现某种调整做好准备。</blockquote> The market has powered to new highs through the pandemic, bolstered by aggressive central-bank interventions, government stimulus and a vigorous earnings recovery. The U.S. economy exceededits pre-pandemic sizein the second quarter of 2021, with S&amp;P 500 companies’ profits rising 92% from a year earlier, according to analyst projections on FactSet.<blockquote>在央行积极干预、政府刺激和强劲盈利复苏的支撑下，市场在疫情期间创下新高。根据 FactSet 分析师的预测，2021 年第二季度美国经济规模超过了大流行前的规模，标普500公司的利润同比增长了 92%。</blockquote> But as Americans approach the second autumn of the pandemic with no end in sight, questions about the markets’ resilience are coming to the fore. The S&amp;P 500 has advanced 20% this year and set 52&nbsp;record closes—its highest number of records in a calendar year through the end of August, according to Dow Jones Market Data. Valuations have edged lower this year as earnings soared but remain at historically high levels.<blockquote>但是，随着美国人即将迎来大流行病的第二个秋天，看不到尽头，有关市场韧性的问题也随之凸显出来。根据道琼斯市场数据，标普500今年上涨了 20%，创下了 52 家创纪录的收盘价，这是截至 8 月底的历年最高记录数量。随着盈利飙升，今年估值略有下降，但仍处于历史高位。</blockquote> <img src=\"https://static.tigerbbs.com/405655e1a7ebb892154ad21d45899036\" tg-width=\"339\" tg-height=\"423\" width=\"100%\" height=\"auto\">And the S&amp;P 500hasn’t experienced a 5% pullbacksince October, the longest such respite since a stretch from June 2016 to early February 2018. When the market has declined, investors have seen it as abuying opportunity.<blockquote>标准普尔 500 指数自 10 月份以来从未出现过 5% 的回调，这是自 2016 年 6 月至 2018 年 2 月初以来最长的一次回调。当市场下跌时，投资者将其视为滥用机会。</blockquote> “Economic and earnings growth will likely be very good for the third quarter, but less than the second and maybe a little less than was expected,” said Bob Doll, chief investment officer at Crossmark Global Investments, which manages about $5.8 billion.<blockquote>“管理着约 58 亿美元资产的 Crossmark Global Investments 首席投资官鲍勃-多尔（Bob Doll）说：”第三季度的经济和盈利增长可能会非常好，但低于第二季度，甚至可能略低于预期。</blockquote> Crossmark in recent months bought shares of utilities and healthcare stocks and trimmed positions in consumer-discretionary and materials companies, he said.<blockquote>他表示，Crossmark 最近几个月购买了公用事业和医疗保健股票，并削减了非必需消费品和材料公司的头寸。</blockquote> The shift in sentiment has helped propel stocks such as utilityAmerican Water WorksCo., healthcare operatorHCA HealthcareInc.and grocery chainKrogerCo.to double-digit percentage gains in July and August.<blockquote>情绪的转变帮助推动公用事业公司 American Water WorksCo.、医疗保健运营商 HCA HealthcareInc. 和杂货连锁店 KrogerCo. 等股票在 7 月和 8 月实现两位数百分比涨幅。</blockquote> Healthcare stocks have relatively attractive valuations, some investors say. The sector traded late last week at about 18 times its projected earnings over the next 12 months, compared with about 21 times for the S&amp;P 500, according to FactSet.<blockquote>一些投资者表示，医疗保健股的估值相对有吸引力。FactSet 的数据显示，上周晚些时候，该行业的交易价格约为未来 12 个月预期市盈率的 18 倍，而标普500的交易价格约为 21 倍。</blockquote> The utilities group, meanwhile, traded at 20 times projected earnings, a more modest discount to the broad market, but boasts a dividend yield of 3%—more than double that of the S&amp;P 500.<blockquote>与此同时，这家公用事业集团的市盈率是预期市盈率的 20 倍，比大盘折扣较小，但股息收益率为 3%，是标普500的两倍多。</blockquote> The recovery since last year’s market low has been marked by sharp rotations among favored groups of stocks. The energy sector was once hot. Now, it has lost ground this quarter, dropping 9.4% asoil prices retreated.<blockquote>自去年市场低点以来的复苏以青睐股票群体的急剧轮动为标志。能源板块一度炙手可热。现在，它在本季度已经失去了优势，随着石油价格的回落，下跌了9.4%。</blockquote> Early in the year, expectations for a powerful economic rebound helped propel value stocks totheir largest leadover technology and other growth stocks in two decades. Then, the spread of the Delta variant and lackluster economic data caused some investors to second-guess those wagers, and big tech once againmoved to the top of the market.<blockquote>今年早些时候，对经济强劲反弹的预期帮助价值股实现了二十年来最大的超越科技股和其他成长型股票。随后，德尔塔变异毒株的蔓延和低迷的经济数据导致一些投资者对这些赌注进行了重新猜测，大型科技公司再次登上了市场的顶端。</blockquote> Now, the economy is continuing to grow but at a slower pace than some had anticipated, leading to the move into defensive holdings.<blockquote>现在，经济继续增长，但增长速度比一些人预期的要慢，导致人们转向防御性持股。</blockquote> “I think the market is going to continue to plow forward,” said Stephanie Lang, chief investment officer at wealth-management firm Homrich Berg. “Investors are going to continue to come in and buy the dip.”<blockquote>“财富管理公司 Homrich Berg 的首席投资官 Stephanie Lang 说：”我认为市场将继续向前发展。“投资者将继续进来逢低买入”。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Market Turns Cautious as ‘Defensive’ Shares Surge<blockquote>随着“防御性”股票飙升，股市变得谨慎</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock Market Turns Cautious as ‘Defensive’ Shares Surge<blockquote>随着“防御性”股票飙升，股市变得谨慎</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-08-30 07:40\n\n</h4>\n</header>\n<article>\n Utilities and healthcare are among the S&amp;P 500’s top-performing groups this quarter. Some of the hottest stocks in the U.S. are pointing to an economic cool-down.<blockquote>公用事业和医疗保健行业是标普500本季度表现最好的行业之一。美国一些最热门的股票表明经济正在降温。</blockquote> Utilities and healthcare are among the best-performing groups in the S&amp;P 500 so far this quarter, with gains of 7.8% and 6.6%, respectively, compared with a 4.9% rise in the broad stock index. Big winners include utilityNextEra EnergyInc.,NEE-0.48%which is up 14% this quarter, while shares of medical companyDanaherCorp.DHR0.24%are up 19%.<blockquote>公用事业和医疗保健是本季度迄今为止标普500表现最好的板块之一，分别上涨 7.8% 和 6.6%，而综合股票指数上涨 4.9%。大赢家包括公用事业公司 Nextera EnergyInc.,NEE-0.48%，本季度上涨 14%，而医疗公司 DanaherCorp.DHR0.24% 的股价上涨 19%。</blockquote> The gains are noteworthy because investors typically pile into those types of stocks when they are expecting the outlook to darken. Visits to the doctor and electricity use are less apt to decline in a pinch than spending on vacations or new furniture. Goldman Sachs this month cut its third-quarter U.S. economic growth forecast to 5.5% from 9%, citing slowing consumer spending in the face ofrenewed Covid-19 outbreaks.<blockquote>这些涨幅值得注意，因为当投资者预计前景黯淡时，他们通常会大量买入这些类型的股票。在紧急情况下，看医生和用电量比度假或购买新家具的支出更不容易下降。高盛本月将美国第三季度经济增长预期从 9% 下调至 5.5%，理由是面对新一轮 Covid-19 疫情，消费者支出放缓。</blockquote> <img src=\"https://static.tigerbbs.com/c59a8812aec48e76392174fb9dcf1d15\" tg-width=\"323\" tg-height=\"416\" referrerpolicy=\"no-referrer\">A drop in economic growth from its mid-2021 pace hardly presages a recession, which is the development that often spells the end of stocks’ advance. But rallies in these so-called defensive sectors can presage broader market retreats, investors say, potentially spelling out a fresh test for a market whose post-pandemic rise has surprised many stock-market bulls.<blockquote>经济增长率较 2021 年年中下降并不预示着经济衰退，而经济衰退往往意味着股市上涨的终结。但投资者表示，这些所谓的防御性板块的反弹可能预示着更广泛的市场回落，这可能会给大流行后的市场带来新的考验，大流行后的上涨让许多股市多头感到惊讶。</blockquote> “When those sectors are doing well, as they’re doing now, that tells you that the market is bracing for either a slowdown in the economy or some sort of a correction in the broad market,” said Phil Orlando, chief equity-market strategist at asset manager Federated Hermes.<blockquote>“资产管理公司 Federated Hermes 的首席股票市场策略师菲尔-奥兰多（Phil Orlando）说：”当这些行业表现良好时，就像现在这样，这告诉你市场正在为经济放缓或大盘出现某种调整做好准备。</blockquote> The market has powered to new highs through the pandemic, bolstered by aggressive central-bank interventions, government stimulus and a vigorous earnings recovery. The U.S. economy exceededits pre-pandemic sizein the second quarter of 2021, with S&amp;P 500 companies’ profits rising 92% from a year earlier, according to analyst projections on FactSet.<blockquote>在央行积极干预、政府刺激和强劲盈利复苏的支撑下，市场在疫情期间创下新高。根据 FactSet 分析师的预测，2021 年第二季度美国经济规模超过了大流行前的规模，标普500公司的利润同比增长了 92%。</blockquote> But as Americans approach the second autumn of the pandemic with no end in sight, questions about the markets’ resilience are coming to the fore. The S&amp;P 500 has advanced 20% this year and set 52&nbsp;record closes—its highest number of records in a calendar year through the end of August, according to Dow Jones Market Data. Valuations have edged lower this year as earnings soared but remain at historically high levels.<blockquote>但是，随着美国人即将迎来大流行病的第二个秋天，看不到尽头，有关市场韧性的问题也随之凸显出来。根据道琼斯市场数据，标普500今年上涨了 20%，创下了 52 家创纪录的收盘价，这是截至 8 月底的历年最高记录数量。随着盈利飙升，今年估值略有下降，但仍处于历史高位。</blockquote> <img src=\"https://static.tigerbbs.com/405655e1a7ebb892154ad21d45899036\" tg-width=\"339\" tg-height=\"423\" width=\"100%\" height=\"auto\">And the S&amp;P 500hasn’t experienced a 5% pullbacksince October, the longest such respite since a stretch from June 2016 to early February 2018. When the market has declined, investors have seen it as abuying opportunity.<blockquote>标准普尔 500 指数自 10 月份以来从未出现过 5% 的回调，这是自 2016 年 6 月至 2018 年 2 月初以来最长的一次回调。当市场下跌时，投资者将其视为滥用机会。</blockquote> “Economic and earnings growth will likely be very good for the third quarter, but less than the second and maybe a little less than was expected,” said Bob Doll, chief investment officer at Crossmark Global Investments, which manages about $5.8 billion.<blockquote>“管理着约 58 亿美元资产的 Crossmark Global Investments 首席投资官鲍勃-多尔（Bob Doll）说：”第三季度的经济和盈利增长可能会非常好，但低于第二季度，甚至可能略低于预期。</blockquote> Crossmark in recent months bought shares of utilities and healthcare stocks and trimmed positions in consumer-discretionary and materials companies, he said.<blockquote>他表示，Crossmark 最近几个月购买了公用事业和医疗保健股票，并削减了非必需消费品和材料公司的头寸。</blockquote> The shift in sentiment has helped propel stocks such as utilityAmerican Water WorksCo., healthcare operatorHCA HealthcareInc.and grocery chainKrogerCo.to double-digit percentage gains in July and August.<blockquote>情绪的转变帮助推动公用事业公司 American Water WorksCo.、医疗保健运营商 HCA HealthcareInc. 和杂货连锁店 KrogerCo. 等股票在 7 月和 8 月实现两位数百分比涨幅。</blockquote> Healthcare stocks have relatively attractive valuations, some investors say. The sector traded late last week at about 18 times its projected earnings over the next 12 months, compared with about 21 times for the S&amp;P 500, according to FactSet.<blockquote>一些投资者表示，医疗保健股的估值相对有吸引力。FactSet 的数据显示，上周晚些时候，该行业的交易价格约为未来 12 个月预期市盈率的 18 倍，而标普500的交易价格约为 21 倍。</blockquote> The utilities group, meanwhile, traded at 20 times projected earnings, a more modest discount to the broad market, but boasts a dividend yield of 3%—more than double that of the S&amp;P 500.<blockquote>与此同时，这家公用事业集团的市盈率是预期市盈率的 20 倍，比大盘折扣较小，但股息收益率为 3%，是标普500的两倍多。</blockquote> The recovery since last year’s market low has been marked by sharp rotations among favored groups of stocks. The energy sector was once hot. Now, it has lost ground this quarter, dropping 9.4% asoil prices retreated.<blockquote>自去年市场低点以来的复苏以青睐股票群体的急剧轮动为标志。能源板块一度炙手可热。现在，它在本季度已经失去了优势，随着石油价格的回落，下跌了9.4%。</blockquote> Early in the year, expectations for a powerful economic rebound helped propel value stocks totheir largest leadover technology and other growth stocks in two decades. Then, the spread of the Delta variant and lackluster economic data caused some investors to second-guess those wagers, and big tech once againmoved to the top of the market.<blockquote>今年早些时候，对经济强劲反弹的预期帮助价值股实现了二十年来最大的超越科技股和其他成长型股票。随后，德尔塔变异毒株的蔓延和低迷的经济数据导致一些投资者对这些赌注进行了重新猜测，大型科技公司再次登上了市场的顶端。</blockquote> Now, the economy is continuing to grow but at a slower pace than some had anticipated, leading to the move into defensive holdings.<blockquote>现在，经济继续增长，但增长速度比一些人预期的要慢，导致人们转向防御性持股。</blockquote> “I think the market is going to continue to plow forward,” said Stephanie Lang, chief investment officer at wealth-management firm Homrich Berg. “Investors are going to continue to come in and buy the dip.”<blockquote>“财富管理公司 Homrich Berg 的首席投资官 Stephanie Lang 说：”我认为市场将继续向前发展。“投资者将继续进来逢低买入”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/stock-market-turns-cautious-as-defensive-shares-surge-11630229580\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/stock-market-turns-cautious-as-defensive-shares-surge-11630229580","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153983574","content_text":"Utilities and healthcare are among the S&P 500’s top-performing groups this quarter.\n\nSome of the hottest stocks in the U.S. are pointing to an economic cool-down.\nUtilities and healthcare are among the best-performing groups in the S&P 500 so far this quarter, with gains of 7.8% and 6.6%, respectively, compared with a 4.9% rise in the broad stock index. Big winners include utilityNextEra EnergyInc.,NEE-0.48%which is up 14% this quarter, while shares of medical companyDanaherCorp.DHR0.24%are up 19%.\nThe gains are noteworthy because investors typically pile into those types of stocks when they are expecting the outlook to darken. Visits to the doctor and electricity use are less apt to decline in a pinch than spending on vacations or new furniture. Goldman Sachs this month cut its third-quarter U.S. economic growth forecast to 5.5% from 9%, citing slowing consumer spending in the face ofrenewed Covid-19 outbreaks.\nA drop in economic growth from its mid-2021 pace hardly presages a recession, which is the development that often spells the end of stocks’ advance. But rallies in these so-called defensive sectors can presage broader market retreats, investors say, potentially spelling out a fresh test for a market whose post-pandemic rise has surprised many stock-market bulls.\n“When those sectors are doing well, as they’re doing now, that tells you that the market is bracing for either a slowdown in the economy or some sort of a correction in the broad market,” said Phil Orlando, chief equity-market strategist at asset manager Federated Hermes.\nThe market has powered to new highs through the pandemic, bolstered by aggressive central-bank interventions, government stimulus and a vigorous earnings recovery. The U.S. economy exceededits pre-pandemic sizein the second quarter of 2021, with S&P 500 companies’ profits rising 92% from a year earlier, according to analyst projections on FactSet.\nBut as Americans approach the second autumn of the pandemic with no end in sight, questions about the markets’ resilience are coming to the fore. The S&P 500 has advanced 20% this year and set 52 record closes—its highest number of records in a calendar year through the end of August, according to Dow Jones Market Data. Valuations have edged lower this year as earnings soared but remain at historically high levels.\nAnd the S&P 500hasn’t experienced a 5% pullbacksince October, the longest such respite since a stretch from June 2016 to early February 2018. When the market has declined, investors have seen it as abuying opportunity.\n“Economic and earnings growth will likely be very good for the third quarter, but less than the second and maybe a little less than was expected,” said Bob Doll, chief investment officer at Crossmark Global Investments, which manages about $5.8 billion.\nCrossmark in recent months bought shares of utilities and healthcare stocks and trimmed positions in consumer-discretionary and materials companies, he said.\nThe shift in sentiment has helped propel stocks such as utilityAmerican Water WorksCo., healthcare operatorHCA HealthcareInc.and grocery chainKrogerCo.to double-digit percentage gains in July and August.\nHealthcare stocks have relatively attractive valuations, some investors say. The sector traded late last week at about 18 times its projected earnings over the next 12 months, compared with about 21 times for the S&P 500, according to FactSet.\nThe utilities group, meanwhile, traded at 20 times projected earnings, a more modest discount to the broad market, but boasts a dividend yield of 3%—more than double that of the S&P 500.\nThe recovery since last year’s market low has been marked by sharp rotations among favored groups of stocks. The energy sector was once hot. Now, it has lost ground this quarter, dropping 9.4% asoil prices retreated.\nEarly in the year, expectations for a powerful economic rebound helped propel value stocks totheir largest leadover technology and other growth stocks in two decades. Then, the spread of the Delta variant and lackluster economic data caused some investors to second-guess those wagers, and big tech once againmoved to the top of the market.\nNow, the economy is continuing to grow but at a slower pace than some had anticipated, leading to the move into defensive holdings.\n“I think the market is going to continue to plow forward,” said Stephanie Lang, chief investment officer at wealth-management firm Homrich Berg. “Investors are going to continue to come in and buy the dip.”","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2595,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/811046042"}