Can US equity markets keep on climbing?

US market valuations are not near bubble territory despite being at record highs, with the current rally different to the pre-crisis period because of resurgent US growth, veteran US equity manager Ed Cowart has said.

Cowart (pictured), who is managing director of US house Eagle Asset Management and runs Nordea's North American All Cap fund, said the current market rally does not feel ‘peaky', unlike 2000 and 2007, because economic growth in the US is so strong. He said individual investors and advisers in the US "still seem to be skeptical of the rally", but said it was sustainable until earnings start to fall. "For a market at all-time highs now, we hear very little about a potential market downturn," he said. "You could of course get an 8%-10% correction, but there will not be a significant d...