US stocks turned higher in afternoon trade in New York, extending the fast start to November and optimism remains high among bulls. Oil rebounded on bets that OPEC and its allies will extend output cuts to boost prices. Fundstrat Global head strategist Tom Lee said the rally strengthened this week, supported by the sharp move in interest rates and by cooling inflationary pressures. “And this is supportive of our year-end rally thesis.
” Lee said he sees room for the S&P 500 to rise another 5 per cent, lifting the index to 4750-4800 by the end of December. The index was trading at 4520 at 2.10pm in New York. Michael Hartnett, investment strategist at Bank of America, called the markets’ move an “epic risk rally”, with $US23.5 billion flowing into equities in the latest week. That’s the second-largest inflow this calendar year. LPL Financial chief equity strategist Jeffrey Buchbinder said market history suggests that a new record high may not be far off for the S&P 50
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