The US stock market is set to hit a new milestone on Thursday, surpassing the postwar boom as the second-longest sustained period of rising share prices, even as questions intensify about the health of corporate profits.
It comes in a week when statements from central banks in the US and Japan will be heavily scrutinised for the extent of official support for asset prices, highlighting the parallel boom in safe securities such as government debt.
The longest sustained US rally apart from the bull market of 1987 to 2000 highlights a conundrum: stock market valuations imply a future of rosy profits and economic optimism at the same time as sovereign bonds are priced for a stagnant world of diminished opportunity and minimal inflation.
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