Bank of America strategist: US stocks and cryptocurrencies are forming a bubble
2024-12-06 09:26:59
Bank of America strategist Michael Hartnett said a strong rally in U.S. stocks and cryptocurrencies has made those asset classes look frothy. The S & P 500's price-to-book ratio surges to 5.3 times in 2024, close to the 5.5 times peak reached at the peak of the tech bubble in March 2000, according to data compiled by the agency. If the S & P 500 approaches 6,666, or about 10 percent above current levels, the risk of an "overshoot" in early 2025 is high, Hartnett said. The bank's bull-bear market indicator has yet to show signs of a boom among global investors.
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