Saturday, 13 February 2021

S&P 500 hits record high, “long way away from bubble territory”

Markets were mostly higher on Friday.

The S&P 500 rose 0.5 percent to a record high while the STOXX Europe 600 rose 0.6 percent.

However, the Nikkei 225 fell 0.1 percent, snapping a four-session winning streak.

“Between the ongoing medical and economic improvements, markets continue to expect a much better 2021 and that has supported prices,” Brad McMillan, chief investment officer at Commonwealth Financial Network, said in a note.

As for fears of a stock market bubble, Goldman Sachs' Sharmin Mossavar-Rahmani, head of the bank's Investment Strategy Group and CIO of its Wealth Management division, told Yahoo Finance Live on Friday that US equity markets are a “long way away from being in bubble territory”.

Investors shrugged off a report on Friday showing that the UK economy contracted 9.9 percent in 2020, its biggest annual fall in output since modern records began.

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