THE NEW YORK TIMES: The bull market, born out of the pandemic, has turned a year old. The remarkable turnaround has some analysts wondering if the breakneck pace is sustainable.
The bull market turned a year old on Tuesday, a testament to the unbridled enthusiasm that let investors shrug off the economic carnage of the pandemic and buy stocks — and pretty much anything else.
Since the S&P 500 scraped bottom on March 23 last year, the blue-chip index has posted a rally of nearly 75 percent, even with a 0.8 percent fall on Tuesday. Tesla’s stock is up more than 650 percent, while true believers have pushed up shares of GameStop by over 4,500 percent. Bitcoin is booming, and so are even more esoteric assets like NFTs.
It’s enough to pose a question that would have seemed unfathomable a year ago.
“Is this a bubble?” said Garry Evans, chief strategist for global asset allocation at BCA Research. “I would say there are certainly pockets of the market that look bubbly.” » | Matt Phillips | Tuesday, March 23, 2021
