Why is the stock market holding up so well?

by Philip Coggan/ FT
Global stock markets seem remarkably resilient. Investors have shrugged off a combination of rising bond yields, higher precious metals prices, geopolitical worries pushing up the oil price and the prospect of tighter monetary policy (in the eurozone and Japan at least).

In the past, this kind of climate has normally caused problems for equities. “Since the 1960s, when the 10-year Treasury yield, the 3-month Treasury bill yield and the consumer confidence index have all been rising, the S&P 500 index has followed by under-performing risk-free Treasury bill yields by 5.13 per cent annualised, on average,” says John Hussman, president of the Hussman Investment Trust.

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One Response to Why is the stock market holding up so well?

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