Stock Investors Have Just Gotten More Bullish

U.S. stock investors are getting much more bullish on stocks. That doesn’t mean the market is without risks, but several factors point to support to the equity market for some time.

The S&P 500 is up more than 50% since the March 23 bear market low, in a move driven hard by historic market outperformance of growth tech stocks. Still, without those stocks, the S&P 500 would be up dozens of percentage points, as value stocks have enjoyed the momentum of the V-shaped economic recovery. On Monday, a broad sector S&P 500 rally included consumer discretionary, manufacturing, oil, and banking, which enjoyed an aggressively expanding yield curve.

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