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Most experts are quick to point out that the S&P 500's surge has been largely due to Apple's 56% year-to-date gain.
It's true. The $590 billion company makes up for around 4% of the index, writes JP Morgan's top equity strategist Tom Lee.
But this doesn't mean the S&P 500 is worthless.
"Apple’s financial market dominance is a misperception," writes Lee.
He adds that Apple's share of the index is "well below the weightings of top stocks in other indices, such as Nestle in the SMI index or ENI SpA in the FTSEMIB index."
In a recent research note to clients, Lee identified 11 major global stock market indices where a single company accounts for a larger share of the index than Apple does for the S&P 500.
Fast Retailing (Uniqlo) accounts for 7% of Japan's Nikkei 225
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Market Cap: $21.65B
No. Of Index Components: 225
Description: Fast Retailing is an apparel retailing company, designing and selling apparel for men and women of all ages. The company is based in Yamaguchi, Japan and was founded in 1949.
Source: JP Morgan
Siemens accounts for 9% of Germany's DAX index
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Market Cap: $84.34B
No. Of Index Components: 30
Description: Siemens AG is an electronics and electrical engineering company. They are headquartered in Munich, Germany and were founded in 1847.
Source: JP Morgan
PetroChina accounts for 10% of China's Shanghai index
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Market Cap: $251.10B
No. Of Index Components: 872
Description: PetroChina produces and distributes oil and gas in China. PetroChina was founded in 1999 and is based in Dongcheng District, Beijing, China.
Source: JP Morgan
See the rest of the story at Business Insider
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