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Phil Rosen highlights that the S&P 500 has gained 13% this year even as the 10-year Treasury yield increased by 100 basis points and now sits at its highest level in 19 years.
This performance signals a strong equity market despite higher borrowing costs reflected in rising yields.
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Phil Rosen has recently tracked other notable equity milestones. He reported that the Russell 2000 index gained nearly all of its five-year advance within the past year. Rosen also noted that just 27 S&P 500 firms are trading above 40 times forward earnings, a level last seen during recent market downturns earlier this decade.