A man sits on the Wall street bull near the New York Stock Exchange (NYSE) on November 24, 2020 in New York City.Spencer Platt/Getty Images
The stock market is poised to hit new 2023 highs by the end of the year, according to Bank of America.
The bank said a leading bond market indicator just flashed a bullish signal for the stock market.
“Constructive credit markets entering September support the case for the bullish seasonality scenarios,” BofA said.
The bond market just flashed a signal that suggests the stock market will hit a new 2023 high by the end of the year, according to a Tuesday note from Bank of America.
The bank highlighted that the Bloomberg US Corporate High Yield Average option adjusted spread hit a new year-to-date low earlier this month, meaning that bond investors are growing more comfortable buying risky debts.
That’s a leading indicator for the stock market because bond investors are typically the first in the market to panic about some type of macro event that…
2023-09-12 22:06:32
Link from finance.yahoo.com