BlackRock’s Rick Rieder says stocks are surfing ‘great’ technicals amid recent record highs.
In a new interview with Bloomberg Television, Rieder, the chief investment officer (CIO) of the financial giant’s global fixed income, says: contours which he believes is the driving force behind the recent market rally.
“The technical conditions in the stock market are extraordinary, and the earnings numbers that are coming out are quite strong, and so you look at the US economy… the key drivers are doing quite well. You look at technology… and you look at this earnings growth. I looked at some of the semi-finals, you’re talking 97% earnings growth year-over-year. I mean incredibly powerful numbers.”
And then you look at the high-end consumer, that consumption. Retail sales, when you break it down, are pretty good.
Rieder notes that the positive gains came during a period when “nobody wanted to buy shares.”
“We’re going to buy back $1 trillion worth of stock this year. So there really isn’t enough stock to buy.”
The S&P 500 is priced at 7,099.35 at the time of writing, after hitting a new intraday record high of 7,147.52 on Friday. The leading stock index fell 0.37% on Monday, but is up 2.74% in the past five days and 9.11% in the past month.
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