Fundamentals, Not Speculation, Powering Ongoing Stock Market Rally
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This stock market rally is driven by strong economic fundamentals like corporate profits and U.S. economic strength, not speculation.
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While some high-flying tech stocks have powered gains, concentration at the top is normal in bull markets.
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Valuations are rich but not in bubble territory - top companies today are far more profitable than in 2000.
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Signs of irrational exuberance like a frenzied IPO market are absent.
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Main risk is interest rate hikes if inflation stays high, not a bubble bursting.