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Record Quarter for Stocks Saw FAANGs Take Back Seat to Health

The S&P 500’s best quarter in almost five years included several record highs as well as Apple Inc. and Amazon.com Inc. eclipsing the $1 trillion milestone for the first time. It was also notable for what it didn’t include -- outperformance from the megacap tech stocks that had led the rally over the prior two quarters.

The so-called FAANG group lagged the broader index over the past three months. An equal-weighted average of Facebook Inc., Apple, Amazon, Netflix Inc. and Google parent Alphabet Inc. shows the group’s quarterly performance registering a gain of 5.5 percent, compared to 7.2 percent for the S&P 500.