The Gap Is Growing Between the Stock Market's Winners and Losers
- Tax bill hurt homebuilders, companies with more borrowing
- Tech companies emerge as biggest winners this earnings season
Wharton's Siegel Says Global Bull Market Not Over Yet
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To the naked eye, it was just another up week for stocks. The S&P 500 Index rose 7 points, the eighth time in a row it’s been up. Beneath the surface a barrage of headlines on everything from earnings to the Federal Reserve and taxes were drawing brighter lines between winners and losers.
While benchmarks muddled along and broader volatility gauges plumbed to record lows, turbulence was rising within individual industries. Homebuilders and companies with shaky finances dropped as the House tax bill sought a limit on mortgage and interest expense deductions. Meanwhile, Apple joined other tech megacaps in beating estimates, solidifying the industry’s market leadership.