Bidenomics: Spend now, tax later…until the bond market objects
S&P 500 earnings could exceed their 2019 levels as early as 2021. This partly reflects the index's sector composition, which is significantly more favorable than that of European indices.
By: David Bianco
2021 outlook: no easy choices, diversify
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Still some S&P 500 upside on stable policies and recovery with low interest rates
Low real interest rates have been a driver of stock-market valuations in recent years. That need not spell trouble for 2021.
The U.S. elections and a Covid-19 vaccine breakthrough have provoked an upheaval in capital markets. Euphoria prevails, with foreseeable pitfalls.