{"id":23808,"date":"2023-06-17T03:56:46","date_gmt":"2023-06-17T07:56:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/an-important-stock-market-milestone-sets-the-stage-for-more-gains\/"},"modified":"2023-06-17T03:56:47","modified_gmt":"2023-06-17T07:56:47","slug":"an-important-stock-market-milestone-sets-the-stage-for-more-gains","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23808","title":{"rendered":"An Important Stock Market Milestone Sets the Stage for More Gains"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"SB50218587179888423468904590026211982632650\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Nothing can stop the stock market\u2014not even the Federal Reserve. Don\u2019t expect the rally to stop here. <\/p>\n<p>If investors wanted an excuse to take money off the table this past week, they got one. On Wednesday, the Fed announced a pause in its interest-rate increases, as expected, with one very big \u201cbut\u201d\u2014its so-called dot plot signaled another two quarter-point hikes before it is done. <\/p>\n<div class=\"paywall\">\n<p>Logic would say that should have knocked the market lower. The<br \/>\n        S&amp;P 500 index<br \/>\n       came into Wednesday already up 20% from its bear market low, with much of that rally driven by the hope that the Fed would hit the pause button. If nothing else, there should have been a \u201csell the news\u201d reaction to go along with the actual bad news\u2014the possibility, perhaps likelihood, of more rate increases. <\/p>\n<p>There wasn\u2019t. The S&amp;P 500 gained 2.6% on the week, while the<br \/>\n        Dow Jones Industrial Average<br \/>\n       rose 1.3% and the<br \/>\n        Nasdaq Composite<br \/>\n       climbed 3.2%. <\/p>\n<p>So why all the buying? The Fed is still close to the end of its rate hikes, which would allow economic growth and corporate profits to stabilize, and even rise for many sectors. Meanwhile, rates in the bond market could dip.<\/p>\n<p>\u201cThe smoke hasn\u2019t cleared, yet the momentum market remains,\u201d writes Evercore ISI strategist Julian Emanuel. <\/p>\n<p>That was enough for the S&amp;P 500 to clear a number of key levels. After cracking 4200 weeks ago, it\u2019s now well above 4300, where it peaked in August after Fed Chairman Jerome Powell interrupted a summer rally by reminding markets that rate hikes weren\u2019t nearly finished. It ended Friday a hair under Thursday\u2019s close of 4425, its highest level since April 2022, a sign that market participants are confident enough in the outlook to keep buying stocks.<\/p>\n<p>The risk does seem low, at least for the moment. After nearly a dozen attempts at breaking 4200 since the start of the year, that number is likely to become a support level for the S&amp;P 500, if it were to fall. And if it were to hold, the S&amp;P 500 would likely just be gearing up to rally again. <\/p>\n<p>BCA Research chief strategist Doug Peta calls 4200 \u201cclearly quite a level. The S&amp;P 500 could not get through that. Once it did, resistance becomes support.\u201d <\/p>\n<p>The market is never risk-free, and it certainly isn\u2019t now. This year\u2019s gains have been driven by a mere handful of stocks, a risk if those stocks were to falter. The S&amp;P 500 also trades at 19 times 12-month forward earnings, while yields on government bonds are as high as 5%, making the return on stocks less attractive.<\/p>\n<p>\u201cI think that valuations by historical standards are more on the rich side relative to the macro risk and to rates,\u201d says Keith Lerner, co-chief investment officer at<br \/>\n        Truist<span>.<\/span>\n       <\/p>\n<p>Yet for the market to see a meaningful drop, it would clearly need a real catalyst. That could come in the form of poor economic data or earnings. Given \u201cthe lagged effects of the monetary-policy tightening, with a recession right around the corner, you will have earnings expectations primed for disappointment,\u201d Peta says. \u201cThen, equity performance becomes real fragile.\u201d <\/p>\n<p>Not yet, though. With the wind at the market\u2019s back, a dip would just present a buying opportunity, especially if the market holds at key levels. \u201cWe think pullbacks are buying opportunities here,\u201d says Yung-Yu Ma, chief investment strategist at BMO Wealth Management. <\/p>\n<p>While it usually doesn\u2019t pay to fight the Fed, this is one of those moments when you don\u2019t want to fight the tape.<\/p>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          inline\n    scope-web|mobileapps\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p><strong>Write to <\/strong>Jacob Sonenshine at jacob.sonenshine@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/an-important-stock-market-milestone-sets-the-stage-for-more-gains-bace1c1f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nothing can stop the stock market\u2014not even the Federal Reserve. Don\u2019t expect the rally to stop here. If investors wanted an excuse to take money off the table this past week, they got one. On Wednesday, the Fed announced a pause in its interest-rate increases, as expected, with one very big \u201cbut\u201d\u2014its so-called dot plot [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-23808","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An Important Stock Market Milestone Sets the Stage for More Gains | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Nothing can stop the stock market\u2014not even the Federal Reserve. Don\u2019t expect the rally to stop here. 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