Earier we brought you commentary from Mike O’Rourke of Jones Trading, who was arguing that the market was completely divorced from reality, and that it’s all Fed driven.
Regardless of what’s pushing equities higher, it’s undeniably an impressive move.
Dan Greenhaus of BTIG puts some interesting stats on the story:
While there was a bit of weakness towards the end of the day, its hard to argue with the action. We’ve been noting that the investor enthusiasm on full display to start the year waned somewhat into March. However, the S&P 500 appears poised to gain in the sixth consecutive month, something it hasn’t done since 2009 and before that, 2006. Actually, it should be noted that the S&P is about to be up in 10 of the last eleven months, something that hasn’t happened since late 2006 and before that, early 2003. Data mining aside, it’s obviously been a terrific run for equities as numerous headwinds have been shrugged off.