US Stock Market Party Continues Amid Growing Analyst Unease
The first quarter of 2024 was quite an impressive quarter for US stocks, with the S&P 500 reporting its 11th best Q1 performance since 1950 (out of 75 observations). On a total return basis (which includes dividends), the index was +10.6%. If the market kept that up for the remaining three quarters, it would put the index on pace to finish the full year 2024 at a whopping +49.4%.
Is the strength witnessed in Q1 likely to continue?
How much of the market growth was earnings growth vs multiple expansion?
Is the overall stock market expensive or cheap, and are there sectors or areas that are less expensive than others?
Has the rally broadened out yet?
What is happening with inflation and the outlook for interest rates?
How do interest rates affect economic cycles?
How do election years affect markets?
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