The Market Has Been Fabulous, Maybe Excessively So
The New York Times
“The returns that millions of investors have been seeing lately have been wonderful — far better than Wall Street projected at the end of last year. The S&P 500 is more than 20 percent higher than the Wall Street consensus for all of 2024. As a consequence, Wall Street has upgraded its outlook radically: Now that stocks have been rallying, why shouldn’t they rise further? But at some point, the tide always turns. While market meltdowns are what most people worry about, some strategists are nervous that stocks are rising too rapidly. “The risk of a melt-up has increased,” Yardeni Research, an independent financial research firm, warned clients in a note last month. Translation: The market is in danger of getting carried away.”