Stock bulls look toward US$17 trillion burning a hole in pockets
NEW YORK: In the stock market, the refusal of retail investors to back down from every macro threat has become the only story. When will it end? Judging by the size of all the pools of cash lying around, it could be a while.Among all the economic stories of the pandemic, the one about money piling up in people’s accounts has been the most significant in the stock market, where the S&P 500 just notched its seventh gain in nine weeks.
Money market accounts, viewed in some circles as a “dry powder” reserve for equity deployment, sit at just under US$4.5 trillion (RM19.02 trillion).
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