The S&P 500 has successfully surpassed its February peak, reflecting a strong 20% recovery since the abrupt sell-off in April. This rebound transpired more swiftly than anticipated, placing the index just 0.5% above its previous high.
Despite the market recovery, investor confidence remains tepid, with Wall Street strategists revising down target estimates. A recent survey shows a weak difference between bullish and bearish investors, indicative of continued caution.
Retail traders have significantly turned to speculative stocks and IPOs, highlighting the behavior typical of late-stage bull markets. Corporate earnings have surpassed projections, providing a slight reduction in market valuations, which still remain at historically elevated levels.
Leave a Reply