NEW YORK: After a rally led by growth companies that has left the S&P 500 index roughly 4% from setting a new record high, the window of opportunity for value stocks to take leadership on Wall Street, as has often happened in the past, may be closing.

The benchmark index plunged more than 33% from its Feb. 19 high to its low on March 23 as coronavirus-related shutdowns began spreading across world economies. As restrictions eased, and the Federal Reserve pumped trillions into stabilizing markets, many stocks have stormed back, lifting the S&P 500 more than 45% as economic activity slowly returned.

Over the past decade, a focus on growth and momentum has steadily outperformed stock picking based on how undervalued a stock looks. More recently, the

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