STORY: “The Magnificent Seven, the AI themes continue to dominate the news but you have industrials hitting new highs, including the venerable Dow Jones Industrial Average hitting 46,000 last week,” said Schoenfeld. “You have the financials hitting successive highs, you have banks and regional banks hitting all-time highs, and so this is a sign of a pretty balanced market.”
He adds that while valuations are “absurdly high,” earnings continue to grow, helping to justify the elevated stock prices.
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