Don’t be ‘fooled’ by these fresh highs for stocks, warns analyst

Here’s one bird’s-eye view on that session that left the S&P 500 and Nasdaq at record closing highs from Michael Baele, senior portfolio manager at U.S. Bank Private Wealth Management.

Aslam explains that even as nearly 79% of S&P 500 companies have beaten forecasts in the first-quarter reporting season thus far, hedge funds or institutional investors don’t seem to have bought into this. Count Morgan Stanley’s strategist Mike Wilson as among those who didn’t expect stocks to be back at all-time highs by April, but he’s now in the camp that 3,000 for the S&P isn’t too far off. Even as the index rises, it still remains some distance away from the most bullish end-year forecasts on Wall Street, such as 3,025 expected by Credit Suisse Jonathan Golub.

The market Dow US:YMH9 S&P 500 US:ESH9 and Nasdaq US:NQH9 futures are creeping up, after Tuesday’s record-busting session. See Market Snapshot for more. Late Tuesday, Snapchat parent Snap SNAP, +3.99% posted upbeat results, but there may be a problem with a key metric for the group. Upbeat results are rallying shares of online auctioneer eBay EBAY, +1.44%

Too much debt.

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