JPMorgan: 66% of the stock market rally is based on “improving economic surveys

It has been difficult to quantify the bullish sentiment that has driven the stock market since the election of US President Donald Trump. That doesn’t prevent JPMorgan’s Michael Cembalest, Chairman of Market and Investment Strategy, from allocating performance driver causation on a rough percentage basis as he considers tax cuts and public-private partnerships for fiscal stimulus.

JPMorgan's Cembalest says majority of rally based on improving economic surveys

On a day when the stock market engaged in a sharp afternoon reversal – after being up to 180 points, the Dow Jones Industrial, the elite large cap measure turned tail in the afternoon to end lower by 41 points. It all came after the Federal...