BofA’s Hartnett Says Stock Markets Are Behaving Like Dot-Com Era

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By Michael Msika
Bloomberg.com

The rush into technology stocks is resembling the bubble of 1999, reflecting an assumption that the economy will perform strongly despite tighter monetary policy, according to Bank of America Corp. strategists.

While falling yields were pushing the Nasdaq higher in the fourth quarter, the script has now flipped to both rising over the past four weeks. This price action would typically only occur after a recession, such as in 2009 or the dot-com bubble around the turn of the century, BofA strategists led by Michael Hartnett wrote on a note.

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https://www.bloomberg.com/news/articles/2024-02-02/bofa-s-hartnett-sees-stocks-behaving-like-a-bubble-is-imminent