Friday, 15 July 2016

US stocks hit new highs amid "mass psychosis"

Stocks rose on Thursday.

The S&P 500 rose 0.5 percent to hit its fourth consecutive record high. The Dow Jones Industrial Average rose 0.7 percent for its third consecutive record high.

Elsewhere, the STOXX Europe 600 rose 0.8 percent as the Bank of England left interest rates unchanged while the Nikkei 225 rose 1 percent.

The US stock market's record-breaking run has not impressed some asset managers.

"I don't think we should be at new highs," said Larry Fink, CEO of BlackRock, the world's largest asset manager.

Jeff Gundlach, founder of Doubleline Capital, said the recent moves were the result of "a mass psychosis going on related to the so-called starvation for yield".

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