The bull market in stocks has been supported by two fundamental pillars: high corporate earnings and low interest rates. Both of these mainstays appeared wobbly early this year. Fortunately for investors, there is now some good news for both of them.
Interest rates, which were expected to rise, have actually fallen since the beginning of the year. A series of statements by Federal Reserve officials - including a speech on Friday by Janet L Yellen, the Fed chairwoman, in Jackson Hole, Wyoming - now confirms that even if there are some short-term rate increases, the central bank expects ...
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