Stocks jumped in early trading Thursday as investors shrugged off fears of higher interest rates. The 10-year yield pulled back from a 4-year high, which caused some investors to push the sell button towards the end of the trading day Wednesday. John Petrides, Managing Director & Portfolio Manager at Point View Wealth Management was with us to give us the good and the bad of the current state of the markets.
Investors aren't too complacent. He said they were in 2017. Volatility over the last 3 weeks has brought everyone back to a "normalized state," according to Petrides. He believes the market is pricing in the possibility of a fourth rate hike, adding to the volatility.
Even in a rising rate environment, Petrides thinks stocks can still rise. He said the markets have been propped up by the Fed, but now stocks will have to growth through strong earnings and demand for their goods and services.
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
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