America's stock market is on fire, registering its best start to a year since the dotcom bubble days of the late 1990s.
The Dow's ascent above 27,000 has been propelled in large part by the Federal Reserve's rapid pivot from rate hikes to potential cuts. That historic shift has made stocks look even more attractive than bonds, and raised confidence that the longest economic expansion on record will continue.Ed Yardeni, president of investment advisory Yardeni Research, believes the Dow could zoom to 31,500 by the end of next year or even sooner.
And half the time the market posted an outright loss. Some analysts are warning that euphoria over the Fed's looming rate cuts may be misplaced."Markets have extremely steep monetary easing expectations for the next 12 months," Seema Shah, chief strategist at Principal Global Investors, wrote in a note to clients."The Fed has only ever delivered such aggressive policy loosening when the US economy was already in recession.
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