NEW YORK – Who needs safety when the world's about to get back to normal? Risky stocks seen as nearly untouchable a year ago burst to the market's best performances during the first three months of 2021, headlining a fourth straight quarter of gains for the S&P 500.
Stocks of airlines, oil producers and banks soared on expectations that COVID-19 vaccinations and massive spending by the U.S.
government are setting the stage for a roaring economic recovery this year. They're part of a flip-flop for the market's leaderboard, as investments seen as the safest and most reliable earlier in the pandemic suddenly fell to the back of the pack.