Resilience under pressure
The U.S. stock market continues to perform, with the S&P 500 close to positive for the year and still within striking distance of new all-time highs. This has come despite the onset of the worst economic contraction in at least a century. U.S. stocks are trading at a historically high premium as a result. And in the coming weeks, stocks are about to get a lot more expensive. This, coupled with the realities associated with the economic outlook, have important implications for the U.S. stock market outlook.
Already expensive
How expensive are