You can't argue with a market making new record highs, though it's fair game to interrogate the tape about its assumptions and intentions.
With the Dow Jones Industrial Average closing above 40,000 for the first time Friday and the S & P 500 settling above 5,300 after hitting a fresh all-time high Wednesday, the advice of history suggests not overthinking it.
Keith Lerner, strategist at Truist, marks up a long-term S & P 500 chart to show times when it was at an all-time high.
Brian Belski, strategist at BMO, last week lifted his year-end S & P 500 target to a Street-high 5,600 .
And, quite remarkably, the stock market low of October 2022 occurred at an S & P 500 forward P/E above 15, with unemployment below 4% and in mid-economic expansion.
Persons:
Stocks, Keith Lerner, Ned Davis, Brian Belski, Leuthold, Doug Ramsey
Organizations:
Treasury, Dow Jones, Dow, Ned Davis Research, Investment, Bank, Federal, BMO, Citi U.S, Vegas, Fed, Leuthold
Locations:
U.S