In the first quarter of this year, the US Federal Reserve has cut interest rates by 150 basis points. But Nasdaq is down 25%, most European equity markets have fallen 15% to 20% and even the Dow, which had been flat for two years, is now off 14% for the year.
It’s true that if you strip out the technology, media and telecoms stocks from these indices, the old-economy stocks have held up well.
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