Is the US in an ‘earnings bubble’ instead of a valuation bubble?
With the S&P 500 index having made more than 20 new highs this year, questions are being asked over the sustainability of the rally and the earnings growth which appears to be driving it.Given the market gains have been led by technology ? by way of which, Shares noticed the market cap of Microsoft (MSFT:NASDAQ) now eclipses that of the entire UK stock market ? comparisons with the bubble of 2000