Two things explain why the biggest gains in the U.S. stock market this year are coming from companies without profits, according to Jeff Mortimer of BNY Mellon Wealth Management: Greed, and fear of missing out.
Neither dooms the bull market, even as they signal to some investors a potential top after five years, said Mortimer, the Boston-based director of investment strategy for BNY Mellon Wealth Management, which oversees about $185 billion. More than $14 trillion has been added to American equity values since March 2009 and the Standard & Poor’s 500 Index is within 1 percent of a record.
