What happens when everything rises all at once? That’s what some investors are scratching their heads about as they look out at the current landscape on Wall Street.
Frank Cappelleri, executive director at Instinet, wrote that 19 exchange-traded funds were at or near records, including the iShares Global Infrastructure ETF IGF, +0.00%, Utilities Select Sector SPDR ETF XLU, -1.08% and First Trust Dow Jones Internet Index Fund FDN, +0.15%. Michael Antonelli, market strategist at Robert W. Baird & Co., said that the market’s multiasset rise can be attributed to one thing: “unprecedented stimulus.” Notably, easy-money policies from the Federal Reserve, which has kept U.S. benchmark rates at a 1.50%-1.75% range, with investors betting that the central bank will be more inclined to cut rates than to raise them in the near term, particularly with China’s COVID-19 outbreak emerging as a global threat.
Fresh stimulus from China and an accommodative Fed may not provide much comfort, said Vincent Deluard, global macro strategist at INTL FCStone. “Even large-caps are not immune to the earnings recession: profits for the S&P 495 index declined by 3.9% in the past quarter.Legendary mutual-fund manager John Templeton once said that bull markets don’t succumb to old age, but die in a bout of euphoria.
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