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Next Phase for the Bull Market

LPL Strategists reduce their S&P 500 Index year-end target, citing sharply higher interest rates. LPL Financial Chief Market Strategist Ryan Detrick stresses that the bull market is alive and well but is just entering a new phase. The path to strong gains has gotten tougher with future profits worthless in today’s dollars. But, as Equity Strategist Jeffrey Buchbinder points out, this is not an earnings call. Fundamentals remain quite strong. The strategists also note that they have raised their year-end target for the U.S. 10-year Treasury yield to 2.25 – 2.5%, while acknowledging the risk of higher yields in the short term.