Hedge fund manager David Tepper of Appaloosa Management told CNBC that while valuations are elevated, investors are reluctant to fight the Fed\u2019s easing path. \u201cI don\u2019t love the multiples, but how do I not own it?\u201d he said, while warning that further cuts could push markets into \u201cdanger territory.\u201d<\/p>\n
Technology stocks powered much of Thursday\u2019s momentum. CNBC reported that Intel surged 22.8% \u2013 its best performance in nearly four decades \u2013 after Nvidia announced a US$5-billion investment in the chipmaker to co-develop data centre and PC products. Nvidia shares climbed 3.5% on the news.<\/p>\n
Canadian index strengthens<\/p>\n
The S&P\/TSX composite index gained more than 130 points, supported by strength in the technology sector. The Canadian Press reported that BMO Global Asset Management chief investment officer Sadiq Adatia said the market reflected \u201cvery strong bullish sentiment\u201d tied to lower borrowing costs and robust earnings. \u201cIf you reduce rates, then that makes it a little bit more acceptable,\u201d he said.<\/p>\n
Both the Bank of Canada and the US Federal Reserve trimmed rates this week by a quarter point. The dual moves underscored concerns about labour market conditions in the US while offering relief to rate-sensitive sectors such as technology and small-cap equities.<\/p>\n
Wells Fargo\u2019s Investment Institute lifted its year-end forecast for the S&P 500 to a range of 6,600 to 6,800, up from 6,300 to 6,500, pointing to stronger earnings and economic fundamentals.<\/p>\n","protected":false},"excerpt":{"rendered":"Hedge fund manager David Tepper of Appaloosa Management told CNBC that while valuations are elevated, investors are reluctant…\n","protected":false},"author":2,"featured_media":30920,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[72,61,60,123],"class_list":{"0":"post-30919","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-ie","10":"tag-ireland","11":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/30919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=30919"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/30919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/30920"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=30919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=30919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=30919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}