BlackRock’s Rick Rieder says equities are surfing off “amazing” technicals amid recent all-time highs.
In a new interview with Bloomberg Television, Rieder, the financial giant’s chief investment officer (CIO) of global fixed income, outlines what he thinks is driving the recent market rally.
“The technicals in the equity market are extraordinary, and the earnings numbers that are coming through are pretty powerful, and so you look at the US economy… the primary drivers are doing quite well. You look at tech… and you look at this earnings growth. I was looking at some of the semis, you’re talking about 97% earnings growth year-on-year. I mean unbelievably powerful numbers.
And then you look at the high-end consumer, that consumption. Retail sales, when you break it down, are pretty darn good.”
Rieder notes the positive earnings materialized during a period of time “when nobody wanted to buy stocks.”
“We’re going to buy back $1 trillion of stock this year. So actually there’s not enough stock to buy.”
The S&P 500 is priced at 7,099.35 at time of writing after hitting a new all-time intraday record high of 7,147.52 on Friday. The leading equity index is down 0.37% on Monday but up 2.74% in the past five days and 9.11% in the past month.
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The post ‘There’s Not Enough Stock To Buy’: BlackRock’s Rick Rieder Touts Market Technicals Amid Equity Rally appeared first on The Daily Hodl.
