For the past 12 years, growth stocks have done a lot of the heavy lifting for the stock market's major indexes -- and with good reason. Historically low lending rates have encouraged fast-growing businesses to borrow cheaply in order to hire, innovate, and acquire other businesses.
The thing is, the dynamics that have fueled growth stocks higher haven't changed. If anything, the thesis has only gotten stronger. The Federal Reserve has doubled down on keeping lending rates unchanged through at least 2022, and Washington appears eager to pass additional trillion-dollar stimulus packages.