The Latest News:
- The equities rally is currently slowing on weak corporate earnings after hitting new record highs.
- The S&P 500 index, though, is experiencing its best rally in 16 years.
- “You have to pay attention to momentum in markets and that’s what this calendar year is showing,” Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, said in a Bloomberg article. “Clients asked me, ‘Why don’t I take profit now?’ My theory is you can sell a lot higher later.”
- Fed President, though, cautions investors on stock valuations.
- “If you look at the valuation of stocks today compared to earnings and dividends and relative to historical averages, it’s not obvious that the stock market is overvalued,” San Francisco Fed President John Williams, said in a MarketWatch article. “In fact a lot of models will tell you that it’s undervalued given how strong profits have been.”
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Max Chen contributed to this article.