AXA's Harlow: Still deep suspicion over US bull market

The six-year bull market in the US is still viewed with "deep suspicion", despite the wave of supportive factors, says AXA's Dan Harlow.

US markets continue to defy the sceptics. On 26 August, the S&P 500 closed above 2,000 for the first time. Yet the passing of this milestone was largely overlooked, possibly reflecting the deep suspicion with which this six-year bull market continues to be viewed. Concerns over global growth, the coming interest rate cycle, as well as valuations, have all contributed to this run being dubbed the "unloved rally". Yet the outperformance of perceived safe havens, alongside that of large index constituents, had by 20 September helped the S&P 500 to 34 new highs this year. These part...