![]() Meanwhile, the NASDAQ 100 ( ^NDX) ended the traded session with 4-day winning streak. ( AMD) and Intel Corporation ( INTC) climbed. Shares of semiconductor companies including Advanced Micro Devices, Inc. The S&P 500 flirted with a bull market as regional banks dominated the list of best-performing stocks in the index, driven by Zions Bancorporation ( ZION) and Comerica Incorporated ( CMA), with shares rising 4% and 6%, respectively. He also pointed to low volatility expectations as evidence of deep complacency among investors, and cautioned that sentiment is "quickly hitting uber-bullish levels as FOMO stages a resurrection.US stocks closed higher Tuesday as the S&P 500 ( ^GSPC) advanced 0.23%, the Nasdaq Composite ( ^IXIC) gained 0.36%, and the Dow Jones Industrial Average ( ^DJI) ticked up above the flatline. He noted the S&P 500's forward price-to-earnings multiple is 25% above its long-term average, and the index is heavily concentrated, as it was during the dot-com bubble. Moreover, the former chief North American economist at Merrill Lynch underlined the immense optimism priced into stocks. ![]() ![]() He described the fiscal support as "the Energizer Bunny gift that just kept on giving." Rosenberg suggested that aggressive federal spending last year may have pushed back the recession. "And if that is the case, then it is the first time in recorded history that a fundamental bear market ended before the downturn even arrived." "You can believe the press headlines or you can believe the leading indicators - which suggest that we do indeed have a 99.15% chance of an official NBER-defined recession," he said. He questioned whether current equity valuations are justified given the darkening economic backdrop. Rosenberg underscored the disconnect between the stock-market milestone and softening labor market. "This market continues to be nothing more than a short-term momentum play," the veteran economist and Rosenberg Research president said in a morning note. ![]()
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