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For Dennis Davitt of Harvest Volatility Advisors and Gina Sanchez of Chantico Global, that represents a growing investor predilection for growth stocks.
"The small caps are all about growth," said Davitt. "People are realizing that the Fed is more dovish than they had originally thought. … If you continue to have those low interest rates, U.S.-specific growth stocks are the way to go, and they all live in the Russell 2000.
Indeed, since the S&P contains larger companies, it contains more slow-growing multinationals than the Russell 2000. If the US economy continues to grow, especially in relation to the rest of the world, it makes sense that the Russell would outperform.