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Greed Turning Losers to Leaders in Russell 1000 Index

Two things explain why the biggest gains in the U.S. stock market this year are coming from companies without profits, according to Jeff Mortimer of BNY Mellon Wealth Management: Greed, and fear of missing out.

Neither dooms the bull market, even as they signal to some investors a potential top after five years, said Mortimer, the Boston-based director of investment strategy for BNY Mellon Wealth Management, which oversees about $185 billion. More than $14 trillion has been added to American equity values since March 2009 and the Standard & Poor’s 500 Index is within 1 percent of a record.