Gate News message, April 21 — Rick Rieder, BlackRock’s chief investment officer of global fixed income, highlighted exceptional stock market technicals and robust earnings growth in a Bloomberg Television interview on April 21. Rieder noted that semiconductor companies are posting year-over-year earnings growth of 97%, while strong retail sales and high-end consumer spending continue to support the rally.
“The technicals in the equity market are extraordinary, and the earnings numbers that are coming through are pretty powerful,” Rieder said. He pointed to the primary economic drivers performing well and emphasized that stock buybacks are fueling demand. “We’re going to buy back $1 trillion of stock this year. So actually there’s not enough stock to buy,” he added, noting that buybacks are occurring during a period when investors were previously reluctant to purchase equities.
The S&P 500 (U.S. benchmark equity index) reached an intraday record high of 7,147.52 on Friday before closing at 7,099.35 on Monday, down 0.37% for the day but up 2.74% over the past five days and 9.11% over the past month.
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