John Gress/Reuters
Stock indexes have recovered to record highs over the past 11 months.
But some smaller and more economically sensitive stocks have not reached their pre-pandemic levels.
Goldman found 22 stocks still below February levels with higher expected earnings than in 2019.
Markets have roared back to new highs since bottoming 11 months ago.
But index gains have been driven largely by megacap tech stocks that have benefited from a stay-at-home environment. Meanwhile, some smaller and more economically sensitive stocks have yet to reach their pre-pandemic levels as earnings have stalled.
That could change in 2021 as COVID-19 vaccines continue to be distributed, with the rollout presumably easing lockdown measures and setting the stage for a momentous economic comeback.
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