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A trader gives a thumbs up while he works on the floor of the New York Stock Exchange February 3, 2014.
A trader gives a thumbs up while he works on the floor of the New York Stock Exchange February 3, 2014.
(BRENDAN MCDERMID/REUTERS)

Why 'fallen angel' stocks are worth a second look

No wonder stocks encountered a difficult start to the year: They were in a “lose-lose” position, according to Michael Hartnett, chief investment strategist at Bank of America.

As he explained in a note, “If economic growth surprised to the upside, then so would interest rates, putting stocks at risk; if growth disappointed, then investors would rightly question what global stocks were doing trading above 17 times earnings.”