Monday, 5 June 2017

Record-breaking US bull market may continue but faces turbulent week

The US stock market made record highs last week and some analysts think that the bull run will continue.

Wunderlich Chief Market Strategist Art Hogan is one such analyst.

“People have said ‘we've come too far, too fast,’ and ‘we’ve got to retrace some of this move,’” he said on CNBC.

However, Hogan said: “If you look at the four longest bull markets in terms of duration and percentage moves, we’re in third place right now. So in terms of length and certainly in terms of percentage moves, I think we haven’t run out of runway.”

“The fundamental backdrop is good, both on earnings and the economic data in general. That will continue to be a driver here,” he added.

In the short term, though, the “stock market could face its most turbulent week of trading so far this year”, according to MarketWatch.

It cited “a trio of potentially destabilizing events on deck”: former FBI director James Comey’s testimony, the UK election, and the ECB monetary-policy meeting.

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