The stock rally driven by the exuberance surrounding artificial intelligence is widening beyond the tech industry, defying naysayers and raising concern about an overbought market.
Mounting bets that the Federal Reserve will end its tightening cycle sooner rather than later to prevent a recession added fuel to the equity advance, with the S&P 500 topping 4,400 and rising for a sixth straight day. The Dow Jones Industrial Average extended its advance from a September low to almost 20 per cent, while the Nasdaq 100 closed at its highest since March 2022.
Equities continued to gain traction after the U.S. benchmark crossed the bull-market threshold last week, surging more than 20 per cent from its October low. Traders kept piling into stocks even after the S&P 500’s 14-day relative strength index topped 70 — which is seen by some traders as one indication of an overbought market.
The periodic rejigging could knock off as much as 5 per cent from the price of global stocks, according to estimates by JPMorgan strategist Nikolaos Panigirtzoglou.
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