Stock Market Rally: How Long Can It Last?

The calendar says November, but it seems more like Christmas after the past week on Wall Street. All three indexes shot higher to their best weeks all year. The nagging question now is whether the rally can last.

It was a “Whew!” moment after a difficult few months. But it might be too soon to get confident that this run will last. Indeed, the Fed’s signal last week that the end of rate hikes is approaching is a double-edged sword if data are showing a shakier economy, which many third-quarter earnings reports point to.

Essaye argues that the market is largely “searching for ‘what’s next’ and not riding a wave of sustainably new information .”Gavekal Research’s Will Denyer is firmly in the latter camp, arguing investors should get out of equities while the getting is good.

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Stock market today: Wall Street closes its best week of the year with even more gainsAsian shares have advanced following Wall Street gains last week that were buoyed by hopes for early interest rate cuts. South Korea's Kospi jumped more than 4% after the government restored a ban on short-selling that had been lifted since May 2021. Japan's benchmark was up 2.4%.
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