Stocks started the day at an all-time high and only rocketed higher.
First the scoreboard:
Dow: 15,215, +123.5 pts, +0.8%
S&P 500: 1,650, +16.5 pts, +1.0%
NASDAQ: 3,462, +23.8 pts, +0.6%
And now the top stories:
- U.S. stock market futures were telling us that stocks were supposed to trade lower today. However, things turned around a little before 8:00 AM ET. That was when influential hedge fund manager David Tepper appeared on CNBC and presented his uber-bullish case for stocks. To sum things up, he noted that the global economy is improving and global central banks are easing. In the U.S., Tepper noted that the economy would be doing even better if it could just find more people to work in the housing industry.
- Tepper also held up a chart of the equity risk premium during his appearance. The equity risk premium can be defined simply as the expected return on a broad stock market index in excess of the long-term risk-free rate, which is often measured by a government bond yield. The higher the better. And it’s at a historically high level. Experts like Aswath Damodaran, Jim O’Neill, Lazslo Birinyi, and Barry Ritholtz have all noted the bullish nature of this metric.
- Shares of electric car maker Tesla surged again today. In a bullish note to clients this morning, Morgan Stanley’s Adam Jonas officially declared Tesla to be “America’s 4th Automaker.” Jonas raised his price target to $103 from $47.
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