What little earnings reports we have had have been a little bit more disappointing than outperforming. |
What's driving the market higher is continued evidence that the economy is stronger than expected. While people are waiting for rates to peak, they are missing out on a lot of rising stock prices. |
With corporations sitting on excessively strong balance sheets, they've got the growth to set off a major spending cycle, |
Without a 'depression panic,' short-term rates probably would have bottomed fairly close to where they are today. Essentially, the Fed has just now returned interest rates back to recession lows and can now 'begin' to tighten. |