One big stock is holding up the entire stock market right now, says Allianz strategist

By: BARBARAKOLLMEYER

Could one well-known mega cap stock be supporting the rest of the market right now?

Yes, and for good reason, says Neil Dwane, global strategist at Allianz Global Investors, who says investors are leaning more on that old favorite Microsoft Corp. MSFT, -1.99%  as regulatory wagons circle around some popular names in the tech, internet and media space.

“We’re a Microsoft market,” Dwane told MarketWatch in a recent interview. “It is the least affected by regulation and trade issues.” And it just rewarded its faithful recently with an 11% dividend increase and the approval of a new $40 billion stock buyback program.

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