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The stock market is hitting records — three reasons why top Morgan Stanley strategist sees more room to run
The stock market is hitting records — three reasons why top Morgan Stanley strategist sees more room to run

Yahoo

time01-07-2025

  • Business
  • Yahoo

The stock market is hitting records — three reasons why top Morgan Stanley strategist sees more room to run

Stocks are on course to enter the second half of 2025 in record territory. The rebound from the mid-April trough has been sharp, with the S&P 500 SPX up nearly 24% Inevitably, as we enter the often treacherous summer months, investors and analysts alike are questioning whether the market's strength can be justified. My wife and I have $7,000 a month in pensions and Social Security, plus $140,000 cash. Can we afford to retire? I'm a stay-at-home mom. Do I take a part-time job to spend more time with my kids — or get a job for six figures? Why out-of-favor Apple holds the key to tech stocks in the coming weeks My mother, 89, keeps getting her credit card scammed. She gets a new one — and it happens again. What's going on? 'My whole financial world is upside down': I'm 'medically retired' at 51 with $428K in stocks. Is this enough to live on? Mike Wilson, Morgan Stanley's top equity analyst, thinks it can. In a new note on Monday, he lays out three reasons why he remains bullish on a six to 12 month horizon. The first point is earnings. Wilson observes that analyst forecasts for S&P 500 earnings have improved markedly in recent weeks as fears subside about the possible damage done to corporate profits from the Trump trade war. Importantly, the more optimistic view of company profits is widening, beyond the already popular big tech names, for example. Indeed, earnings revision breadth (ERB), a measure of how widespread positive or negative earnings estimate changes are, has risen from minus 25% in mid April to the current minus 5%. Wilson says that similar inflections in ERB have pointed to 'strong returns ahead,' though he accepts that 'such a broadening is likely to take hold in large cap quality before it involves small caps/low quality stocks.' He also notes that earnings growth will outperform economic growth — a reversal of what was seen in 2022 to 2024 — because of a weaker dollar and favorable tax incentives from the Trump administration's 'Big, Beautiful Bill'. The second factor is shifting expectations of Federal Reserve policy. Wilson says Morgan Stanley economists think the Fed will cut interest rates seven times in 2026, as unemployment becomes more of an issue than inflation. Such an easing of policy should be a tailwind for stocks. '[T]he equity market isn't going to wait for the obvious signal in terms of a more dovish shift in monetary policy from the Fed — i.e., stocks will get in front of it,' he says. In fact, he reckons that has already started to happen. The danger to this positive impact on equities would be if data showed an acceleration in the unemployment rate and multiple negative payroll numbers — though that is not the Morgan Stanley economists' baseline forecast. The third factor is stocks' traditional ability to shrug off exogenous shocks. 'The equity market seems to be following the historical playbook around prior geopolitical risk events that we highlighted last week — stability in performance after a few days,' says Wilson. Linked to this — as the Israel-Iran conflict abates — is the pullback in oil prices CL.1 from the recent spike, which has reduced the risk of higher energy costs threatening the business cycle. In addition, Wilson notes that the proposed 'revenge tax' that was seen damaging investment into the U.S. now looks likely to be dropped from the 'Big, Beautiful Bill'. Finally, Wilson observes that the Treasury market's term premium — the extra return that investors demand to take the risk of lending to the U.S. over longer periods — has fallen back over the last month as investors stress less about the U.S.'s fiscal position. 'With this dynamic taking place, and the 10-year yield BX:TMUBMUSD10Y staying contained below 4.50%, we believe interest rate risk has been reduced for the time being,' Wilson says. He maintains his base case S&P 500 target over the next 12 months at 6,500. U.S. stock-indices SPX DJIA COMP are higher at the opening bell as benchmark Treasury yields BX:TMUBMUSD10Y fall. The dollar index DXY is down, while oil prices CL.1 rise and gold GC00 is trading around $3,280 an ounce. Key asset performance Last 5d 1m YTD 1y S&P 500 6173.07 2.45% 3.99% 4.96% 12.75% Nasdaq Composite 20,273.46 4.25% 6.07% 4.99% 14.33% 10-year Treasury 4.259 -9.00 -19.10 -31.70 -20.80 Gold 3295.6 -2.62% -3.25% 24.87% 40.73% Oil 65.41 -2.69% 3.76% -8.99% -21.55% Data: MarketWatch. Treasury yields change expressed in basis points Need to Know starts early and is updated until the opening bell, but to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern. U.S. economic data due Monday include the Chicago business barometer for June, due at 9:45 a.m. eastern. Atlanta Fed President Raphael Bostic will speak on the economic outlook at 9:00 a.m., and Chicago Fed President Austan Goolsbee speaks at 1:00 p.m. Trade talks between Canada and the U.S. are back on after Ottawa did a U-turn on imposing a digital services tax on U.S. companies. The Senate is expected to vote on Republican's tax bill on Monday. Big U.S. banks passed the Federal Reserve's stress tests, it was revealed late Friday. China's manufacturing sector shrank for the third month in a row. Moderna shares MRNA are up after the company announced positive phase 3 results for its seasonal influenza vaccine. Nvidia insiders cash out $1 billion worth of shares. One American's two-year quest to move his business out of China. 'He's going to do everything to damage the president': Former Musk friend on the Trump fallout. 'So far, the current bull market looks like a normal one, with the potential to match the returns of some of the best bull markets since the mid-1960s.' That's Ed Yardeni, of Yardeni Research, writing in his latest note. He's still targeting 6500 for S&P 500 by the end of this year and 10,000 by the end of what he calls the 'Roaring 2020s' decade. 'It's a bit hard to believe, but the main risk at this time may be a stock market meltup, i.e., a speculative bubble. That's where we were only four and a half months ago when the latest correction started!,' Yardeni says. Read more here. Here were the most active stock-market tickers on MarketWatch as of 6 a.m. Eastern. Ticker Security name TSLA Tesla NVDA Nvidia PLTR Palantir Technologies GME GameStop AMD Advanced Micro Devices AMZN AAPL Apple TSM Taiwan Semiconductor Manufacturing META Meta Platforms GNS Genius China's soccerbots. Spain's most cuddly cow. Tech CEO pays $400,000 to conduct Toronto Symphony. For more market updates plus actionable trade ideas for stocks, options and crypto, . Companies are issuing the least amount of 30-year bonds in 14 years. What that tells investors. My job is offering me a payout. Should I take a $61,000 lump sum or $355 a month for life? My brother stole $100K from my mom to buy bitcoin. Do I convince her to sue him? How June's bond rally might give way to a round of volatility in Treasury bills My friend asked me to chip in $1,600 for her son's prom-night limo. Has the world gone mad? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

There-is-no-alternative gets a revival as U.S. households snap up stocks
There-is-no-alternative gets a revival as U.S. households snap up stocks

Yahoo

time17-06-2025

  • Business
  • Yahoo

There-is-no-alternative gets a revival as U.S. households snap up stocks

Retail investors, who've been buying U.S. stocks at a record pace in 2025 and helping shore up markets, are likely to continue doing so, offering support to valuations. That's according to Goldman Sachs strategists who say 'the TINA trade remains alive and well.' That acronym stands for there is no alternative, in reference to investor preference for U.S. equities. Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. My friend is getting divorced. Her husband offered to sign over their house. What's he hiding? The S&P 500 SPX lags other major global indexes this year, though it has rallied nearly 20% from the April 8 lows. Goldman strategists said their sentiment indicator tracking mutual fund and exchange-traded fund equity flows remained low in recent weeks, which contrasts with recent household positioning such as high-margin debt levels and stronger-than-average retail buying of individual stocks. 'Goldman Sachs trading desk estimates of flows from retail trading activity suggests close to $20 billion of net buying during the pastthree months,' said a team of strategists led by David Kostin, in a note to clients late Friday. The buying pace in the 88th percentile relative to the past 5 years, they said. That also lines up with brokers who have commented on stronger-than-average buying by clients during the April stock pullback, and sharp rallies for some popular retail stocks in recent weeks. Nvidia NVDA shares are up 25% and Tesla stock TSLA is up 30% this quarter. 'The resilience of household demand for equities is vital because households comprise the single largest direct ownership share of the US equity market,' said the strategists. Households in aggregate own 38% of U.S. stocks directly, larger than any other major investment category. With indirect ownership through ETFs and mutual funds added in, that makes the household ownership share even larger and influential when it comes to U.S. equity supply and demand, they said. As for the rest of 2025, Goldman strategists say 'typical macro drivers' of those equity fund flows will keep households in the stock market. That's as they found that between 2000 and 2019, outflows from equities occurred during times of weakening balance sheets, high jobless levels or increases in short-term interest rates. And as none of those apply, Goldman expects households will buy $425 billion in stocks this year. And look for retirement accounts to fuel that demand, with 401(k)s in particular a rising source of demand. 'Within 401(k) plans, the average allocation of 401(k) plan assets to equities has grown from 66% in 2013 to 71% in 2022,' they noted. My husband is in hospice care. Friends say his children are lining up for his money. What can I do? My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? 'I'm not wildly wealthy, but I've done well': I'm 79 and have $3 million in assets. Should I set up 529 plans for my grandkids? My second wife says her 2 kids should inherit our estate, but I also have 2 kids. Is that fair? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell?

Momentum stocks that helped drive the market's epic recovery are stalling. Get ready for a ‘buyable' pullback.
Momentum stocks that helped drive the market's epic recovery are stalling. Get ready for a ‘buyable' pullback.

Yahoo

time14-06-2025

  • Business
  • Yahoo

Momentum stocks that helped drive the market's epic recovery are stalling. Get ready for a ‘buyable' pullback.

After helping to power the U.S. stock market's historic recovery from April's tariff-induced selloff, many of the momentum names popular with individual investors are showing signs of exhaustion. That means investors should approach with caution over the coming weeks. Because another opportunity to buy the dip might lie ahead, according to Jonathan Krinsky, a technical analyst at BTIG. My husband is in hospice care. Friends say his children are lining up for his money. What can I do? These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector Walmart's stock looks like it's in trouble. What the chart says may come next. Why bonds aren't acting like a safe haven for investors amid the Israel-Iran conflict My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? 'While it's still too early to say we are getting a more widespread pullback, we are starting to see some early cracks in certain high-beta momentum names today, with many leadership stocks working on potential downside reversals,' Krinsky said in commentary shared with MarketWatch on Thursday. As Krinsky pointed out, Goldman Sachs Group's long-only basket of high-beta momentum stocks appears to have stalled out just shy of its year-to-date peak from February. He identified seven momentum stocks that look particularly vulnerable: GE Aerospace GE, Robinhood Markets Inc., HOOD Lemonade Inc. LMND, Netflix Inc. NFLX, Tesla Inc. TSLA, Twilio Inc. TWLO and Upstart Holdings Inc. UPST. To be sure, only three of these stocks — GE, Tesla and Netflix — are components of the S&P 500. Even if they encounter some near-term turbulence, all of those stocks remain in strong uptrends, Krinsky said. That means any pullbacks would likely prove to be another 'buyable' opportunity. 'To be clear, most of these are in strong primary uptrends, so pullbacks are ultimately buyable,' Krinsky said. 'Tactically, however, we would be cautious of many of these names over the next couple of weeks, especially heading into quarter-end, when big rebalances often take place.' Since skittering to the brink of bear-market territory in early April after President Donald Trump unveiled his 'liberation day' tariff plans, the S&P 500 SPX has staged what could ultimately prove to be its fastest-ever recovery back toward record highs, according to Dow Jones Market Data. The speed of the move has taken many on Wall Street by surprise. By the time Trump announced a 90-day pause on many of the tariffs on April 9, the index had fallen by 18.9% from its February record high to its closing low on April 8. Since then, all seven of the momentum stocks cited by Krinsky have tallied huge gains, with Robinhood up more than 115%, while Lemonade has gained nearly 70%. Even Netflix, the worst performer in the group, has risen by roughly 40%, FactSet data showed. The S&P 500, meanwhile, has risen by 21.3%. Data from several Wall Street banks show retail investors helped power the market's recovery in April, while their professional peers remained much more cautious. The index was still about 1.7 percentage points shy of its Feb. 19 record as of Thursday's close, although it tallied its highest finish since Feb. 20, according to Dow Jones data. U.S. stocks finished higher on Thursday, with the S&P 500, Nasdaq Composite COMP and Dow Jones Industrial Average DJIA all closing in the green. 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year 'I am getting very frustrated': My mother's adviser has not returned my calls. He manages $1 million. Is this normal? I'm in my 80s and have 2 kids. How do I choose between them to be my executor? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell?

Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year
Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year

Yahoo

time13-06-2025

  • Business
  • Yahoo

Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year

The direction is pointing south for stocks on Thursday. And some big names in finance have been offering advice over the past 24 hours. Howard Marks, co-founder and co-chairman of Oaktree Capital, on Wednesday warned investors to be cautious as uncertainty under President Donald Trump isn't going away. Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. 'I'm 68 and my 401(k) has dwindled to $82,000': My husband committed financial infidelity and has $50,000 in credit-card debt. What now? Walmart's stock looks like it's in trouble. What the chart says may come next. These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year There's plenty of wariness in our call of the day from another influential investor, DoubleLine's Chief Executive and Chief Investment Officer Jeffrey Gundlach. He has lots of ideas on where investors should be as U.S. market uncertainty swirls. Gundlach noted that markets are behaving 'strange' and 'differently,' in an interview with Bloomberg late Wednesday, where he noted how the dollar index DXY and Treasury yields fell during the April stock pullback, the opposite of what was seen in S&P 500 SPX corrections in the past 15 years. 'I think what we have is a recognition that the interest expense for the United States is untenable, if we continue running a $2 trillion budget deficit and we continue to have sticky interest rates,' he said. 'There's an awareness now that the long-term Treasury bond is not a legitimate flight-to-quality asset. It's not responding to lower interest rates, it's not really responding to an inflation rate, which is now 2.5%,' and likely to go higher, he said. The manager, nicknamed the bond king, said they are 'very uninvolved in the long-term [30-year] Treasury bond,' because of his belief yields will rise when the U.S. economy starts to weaken or the Fed cuts. He's waiting for the yield to possibly hit 6%, and trigger quantitative easing. 'You could get a 20-point rally on the long bond if they announced they are buying the long bond,' he said. Gundlach said that while the long bond is no longer a flight-to-quality asset, gold is. 'I think of gold as a real asset class. It's no longer for lunatic survivalists and wild speculators,' with central banks also buyers. As for U.S. stocks, he said while the market was 'really overvalued' ahead of the April selloff, it's 'more overvalued' now because the S&P 500 is lower and earnings estimates have been cut significantly. What is he expecting? 'I anticipate a great buying opportunity. I don't know when it's going to happen, but it's getting close,' he said. 'The environment feels a lot like 1999 relative to AI is just map over dot-com. I also think it feels a lot like 2006, 2007.' 'One of the hardest things to do in the investment business is to learn and fully appreciate how long everything takes to happen. It takes forever for the problems to actually show up, it takes forever for the defaults to finally arrive, but people anticipate change with great enthusiasm,' such as what's been seen with AI, he said. Tech stocks that have been outperforming tied to AI are a 'momentum trade,' which always tends to overshoot on the upside. 'And then once the momentum's broken, the late comers decide that their first loss is their best loss and it turns into a seller's market,' he said. Gundlach said a smart investor will right now be putting money into 'long-term themes. And a theme that I think is one of the most bankable, and it might take 30 years, is that you should invest in India because it has a similar profile to where China was 35 years ago,' such as a massive population and labor force and is now an economic powerhouse. Buy India and hold for 'your grandchildren's college fund,' and then just try to forget it, he said. U.S. stocks DJIA SPX COMP are dropping, with Treasury yields BX:TMUBMUSD10Y BX:TMUBMUSD30Y also falling. The dollar DXY is down 0.7% as gold prices GC00 climb nearly 2%. Key asset performance Last 5d 1m YTD S&P 500 6022.24 0.86% 2.20% 2.39% Nasdaq Composite 19,615.88 0.80% 2.45% 1.58% 10-year Treasury 4.418 2.70 -1.70 -15.80 Gold 3395.2 -0.06% 6.74% 28.64% Oil 67.71 7.92% 7.66% -5.79% Data: MarketWatch. Treasury yields change expressed in basis points Producer prices rose 0.1% in May, as did the core reading, again showing that tariff increases have yet to filter meaningfully into inflation. Weekly jobless claims stayed at 248,000, as the four-week average rose to the highest in nearly two years. A closely watched auction of $22 billion of 30-year notes is on tap. Boeing shares BA leading the Dow industrials lower after an Air India passenger plane bound for London crashed in Ahmedabad, India. Oracle stock ORCL is gaining after the cloud-services group lifted its 2026 revenue expectations as quarterly sales rose 11%. GameStop GME said it plans to raise $1.75 billion in debt, which could mean the videogame retailer will purchase more bitcoin. Shares are dropping. BioNTech BNTX said it's buying CureVac CVAC for $1.25 billion in stock, in a deal combining two German biotechs in the mRNA business. Fintech company Chime Financial CHYM priced its IPO at $27 a share, above an expected range for its Thursday debut on the Nasdaq. President Donald Trump said letters will go out to trading partners in the next two weeks setting unilateral tariff rates, before a July 9 deadline. The 'one big beautiful bill act' eliminates the Office of Financial Research — threatening the stability of the Treasury market. World Bank ends its ban on funding nuclear power projects. ICE raids have sent Latino shoppers into hiding and big brands like Coca-Cola are hurting. The Brookings Institution's Robin Brooks has been chronicling how countries have been exporting to Russia's neighbors to get around bans. Now he's finding China shipping to other countries in what he says is 'obviously' transshipments to avoid tariffs. 'Thailand and Vietnam look bonkers,' says Brooks. These were the most active tickers on MarketWatch as of 6 a.m.: Ticker Security name TSLA Tesla NVDA Nvidia GME GameStop PLTR Palantir Technologies BA Boeing AAPL Apple TSM Taiwan Semiconductor Manufacturing AMD Advanced Micro Devices AMZN Amazon ORCL Oracle Not just teeny tiny hands. Scientists unearth new T-rex species. American woman triggers cutlery war with Europeans. The retailer Poundland sells for an unsurprising price. My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? I'm in my 80s and have 2 kids. How do I choose between them to be my executor? 'I am getting very frustrated': My mother's adviser has not returned my calls. He manages $1 million. Is this normal? 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. My life partner is 18 years my senior. He wants to leave his $4.5 million fortune to me — not his two kids. Do we tell them? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Risky stocks and safe-haven gold are both aiming for records. Who will blink first?
Risky stocks and safe-haven gold are both aiming for records. Who will blink first?

Yahoo

time11-06-2025

  • Business
  • Yahoo

Risky stocks and safe-haven gold are both aiming for records. Who will blink first?

The S&P 500 and gold are both within striking distance of all-time highs — a rare event that leaves investors wondering what exactly is going on. After all, stocks at all-time highs indicate that investors are optimistic about the future and happy to pile into risky assets. Gold, meanwhile, is often viewed as a safe haven — a port in the storm during periods of uncertainty. 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? Why Goldman Sachs says high-flying tech stocks may be headed for a tough stretch My friend, 83, wants to add me to his bank account to pay his bills. What could go wrong? 'The situation is extreme': I'm 65 and leaving my estate to only one grandchild. Can the others contest my will? One of our children has legal knowledge and lives far away, the other lacks financial savvy but lives nearby. Who should we appoint as executor? 'It's like watching someone eat salad and dessert at the same time,' said Adam Koos, president and senior financial adviser at Libertas Wealth Management Group. 'Investors are trying to be 'healthy' but still hedging against what might come later.' It is possible for both the S&P 500 and gold to hit, and hold, record highs at the same time, but 'it's not exactly the norm,' he said. When it does happen, it's usually 'under a specific set of conditions that reflect a combination of optimism and anxiety in the markets.' This year's rise for both tells a story of 'conflicting narratives,' Koos said. 'The stock market is pricing in a soft landing with [artificial-intelligence] fueled earnings growth, while gold is pricing in longer-term structural concerns' such as runaway deficits, a weakening dollar or even central-bank demand from countries hedging U.S. exposure. Traditionally, the S&P 500 SPX and gold GC00 are 'somewhat inversely correlated,' he said. When they rise together, it often 'points to a deeper undercurrent,' such as fear around inflation, a weakening dollar or expectations that the Federal Reserve might start easing interest rates. Both gold and the S&P 500 have been moving higher so far this year, though the metal has far outpaced the rise for the index. As of Monday, gold futures were up nearly 27% in the year to date and sitting just 2.1% below the record high set on April 21, according to Dow Jones Market Data. The S&P 500 is up only 2.1% this year but has roared back from the steep selloff that followed President Donald Trump's unveiling of sweeping tariff measures on April 2. The S&P 500 as of Friday was just about 2.3% below its record finish, scored on Feb. 19. Read: The S&P 500 is back at a big milestone. Here's what one strategist needs to see to be even more optimistic. 'The rare positive correlation between gold and the index, which historically tend not to peak together, may have been fueled by dovish Fed expectations and fiscal as well as structural concerns,' said Dina Ting, head of global index portfolio management at Franklin Templeton. The S&P 500 index and gold futures had reached respective record highs at the same time earlier this year, on Feb. 18, with the index marking a record close at the time of 6,129.58 and gold settling at $2,949. Equities tend to respond to growth-related factors like earnings and interest rates, while gold prices tend to move on more fear-related factors like inflation expectations or debt levels, said Keith Weiner, chief executive officer of Monetary Metals. Right now, we seem to be in a period where both sets of forces are 'elevated,' he said. Optimism is driving equity markets higher, while underlying fears are supporting record demand for gold' and investors are 'positioning for both potential outcomes by continuing to buy stocks for growth and gold for stability.' To see the precious metal and the index move in tandem is a break from the norm, but it's not surprising to see, said Harley Kaplan, an independent financial advisor in Plymouth, Mass. 'Investments can be emotion driven and presently, there is a lot of risk in the world,' he said. Gold has always provided security against turmoil, while investors in equities invest for tomorrow — 'showing confidence in the future.' Meanwhile, the ratio between gold and S&P 500, which represents how many ounces of the metal are required to buy the index, appears to have rebounded since narrowing and is 'elevated but not extreme,' said Franklin Templeton's Ting. 'That suggests confidence in equities, but not an outright dismissal of gold,' she told MarketWatch. 'The significance here is it's signaling a reversion to more traditional dynamics.' At roughly 1.76, the ratio currently favors gold, Koos said. It had fallen to around 1.5 back in April, according to a chart provided by Libertas Wealth Management. When the ratio falls, gold is the relative outperformer, which likely means that investors are 'shifting toward safety or bracing for volatility,' he said. When the ratio is moving up, the bulls — and momentum and strength — are in the hands of the S&P 500, he said. That said, although it's rare, the index and gold could reach record highs simultaneously again, said Koos. For that to be sustainable, however, there would likely need to be a combination of falling real interest rates or dovish Fed policy, ongoing demand for hard assets — such as central banks buying gold — continued belief in long-term growth that would support equities and 'enough macro uncertainty to keep fear trades alive,' he said. 'It's a fragile dance,' Koos said, likening such a situation to watching 'someone balancing two spinning plates.' It's possible for a while, he said, but it 'takes constant motion and the right conditions to keep both from falling.' 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? I bought my mother-in-law a condo — and she took out a $30,000 car loan. Now she refuses to get a roommate. How do I make sure my son-in-law doesn't get his hands on my daughter's inheritance? 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. A local restaurant has a 5% container charge and 3% kitchen-service fee. Is this as nuts as it sounds? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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