Back
4 Mar 2015
The market cap of Apple ($752bn) now exceeds the GDP of Saudi Arabia ($748bn) – BAML
FXStreet (Barcelona) - The BofA-Merrill Lynch Team give the key highlights for February, and they future milestones to watch out for US equity market.
Key Quotes
“On March 6th 2009 the S&P 500 index slumped to a low of 666. Six years later the bull market on Wall Street remains untethered, spurred on by central bank policies. Total annualized returns since 3/6/09: SPX 23%, ACWI 20%, REITs 31%, and high yield bonds 17%.”
“In February alone investors witnessed:
The best month for the S&P500 since October 2011
The market cap of Apple ($750bn) exceeding the nominal GDP of Saudi Arabia ($748bn)
The Nikkei at a 15-year high (on the 20th anniversary of the Barings collapse no less), US small cap stocks and high yield bonds at all-time highs, and the MSCI ACWI ending the month 15% above its prior high in 2007
The tally of interest rate cuts in 2015 rising to 18 after China’s cut this weekend (that’s 554 since Lehman)
Germany selling $3.73bbn of 5-year debt at -0.08%”
"Future milestones to watch out for:
By the end of April the US equity bull market will become the third longest ever
At 2233 the S&P500’s bull market would become the third largest ever
And with a further 14% total return gain US stocks would top their internet bubble relative highs versus US Treasury bonds (assuming yields are unchanged)”
Key Quotes
“On March 6th 2009 the S&P 500 index slumped to a low of 666. Six years later the bull market on Wall Street remains untethered, spurred on by central bank policies. Total annualized returns since 3/6/09: SPX 23%, ACWI 20%, REITs 31%, and high yield bonds 17%.”
“In February alone investors witnessed:
The best month for the S&P500 since October 2011
The market cap of Apple ($750bn) exceeding the nominal GDP of Saudi Arabia ($748bn)
The Nikkei at a 15-year high (on the 20th anniversary of the Barings collapse no less), US small cap stocks and high yield bonds at all-time highs, and the MSCI ACWI ending the month 15% above its prior high in 2007
The tally of interest rate cuts in 2015 rising to 18 after China’s cut this weekend (that’s 554 since Lehman)
Germany selling $3.73bbn of 5-year debt at -0.08%”
"Future milestones to watch out for:
By the end of April the US equity bull market will become the third longest ever
At 2233 the S&P500’s bull market would become the third largest ever
And with a further 14% total return gain US stocks would top their internet bubble relative highs versus US Treasury bonds (assuming yields are unchanged)”