Markets were mixed on Wednesday.
The S&P 500 rose less than 0.1 percent but still closed at another record high.
The STOXX Europe 600 was flat as gains in Germany and France were offset by falls in the UK.
Asian markets were mixed. The Nikkei 225 rose 0.5 percent but most of the other Asian markets fell.
“The U.S. stock market is exhibiting positive short- and long-term momentum, and breadth has expanded enough to lift the S&P 500 to a new all-time high,” said Katie Stockton, chief technical strategist at BTIG Research.
However, Maris Ogg, president at Tower Bridge Advisors, said that markets “are fully valued now, so earnings will need to catch up to prices”.
Indeed, Julian Robertson Jr, founder of Tiger Management, said at the Delivering Alpha conference presented by CNBC and Institutional Investor that stock market valuations are “very high” and that low interest rates “are creating a bubble”.
And another investor at the conference said that the high yield debt market is even more overvalued. Saba Capital's Boaz Weinstein said that for high yield debt, “the reward isn't there” given the risk.
No comments:
Post a Comment