‘Bull Markets Don’T Die Of Old Age’

“The bottom line is that equity bull markets don’t die of old age,” wrote Jefferies Chief Global Equity Strategist Sean Darby in Thursday’s note.
This is apparent by strong earnings for S&P 500 companies as companies with the most foreign sales exposure carry equities higher.
“Darby raised the firm’s price target to 2,500 from 2,325; the S&P 500 closed Wednesday at 2,478.
“They die either from the ill-effects of a credit cycle or from a policy mistake by the central bank tightening inadvertently.
Of those companies beating earnings forecasts, results are averaging 2.2 percentage points higher than consensus projections.

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