And how should investors be thinking about future equity returns as the bull market enters its third year riding stellar multi-year performance and facing demanding valuations?
So, expansionary policies that would quicken the economy's metabolism and produce more inflation was exactly what the market craved then – but now?
Right now, the S & P 500 is up 42% from 18 months ago and fetches 22-times expected earnings.
No reliable augurs of a coming bear market are in evidence: S & P up 10 of 11 months, making a new high in September, credit spreads resolutely narrow, all point to an upside bias over a span of months, at least.
.SPX YTD mountain S & P 500, YTD Which leaves the question of just how much upside, if any, a bull should reasonably expect from here.
Persons:
Warren Pies, Pat Tschosik, Ned Davis, Donald Trump, payrolls, Harris, Goldman Sachs, Goldman
Organizations:
Federal Reserve, Treasury, Fed, 3Fourteen Research, Trump, Ned, Ned Davis Research, Dow, Leuthold, quicken, Wall
Locations:
U.S, China, Wells