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Away from S&P 500 and other top indexes, markets are behaving as if it’s late in the cycle: Morgan Stanley strategist

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Away from S&P 500 and other top indexes, markets are behaving as if it’s late in the cycle: Morgan Stanley strategist

You would have a hard time convincing someone looking at the major U.S. stock-market benchmarks that theyre giving the appearance of being at the end of the cycle.
The S&P 500
SPX, +0.18%
, for instance, has registered 12 record-high closes this year, …
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