S&P 500, Nasdaq Hit Fresh Record Highs – Here’s Why JPMorgan Says The Rally Isn’t Over
Synopsis
According to JPMorgan Global Head of Market Intelligence, Andrew Tyler, even those with a bearish bias are ‘throwing in the towel.’
Even as the S&P 500 and the Nasdaq Composite hit another record intraday high on Thursday and meme-stock frenzy is the talk of the town, JPMorgan’s trading desk reportedly expects the relentless rally in U.S. equities to continue.
The S&P 500 climbed nearly 0.3% and reached an intraday high of 6,379.54, as of the time of writing. Meanwhile, the Nasdaq Composite rose more than 0.25% to hit 21,107.83.
“While bullishness is not yet consensus, client conversations reveal that even those that skewed bearish are throwing in the towel,” said Andrew Tyler, JPMorgan’s Global Head of Market Intelligence, in a note cited by Bloomberg ahead of the market open on Thursday.
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