Both the S&P 500 and the Dow Jones Industrial Average have risen to record highs this week, and Howard Ward, chief investment officer of growth equities for Gabelli Asset Management, sees more good things to come.
"America right now is the crown jewel in the global investment landscape," he said at an investment conference this week,
CNBC reports.
"We are benefiting from lower commodity prices, we have the best demographics in the developed markets. We have a manufacturing and energy renaissance."
The U.S. economy grew 3.5 percent annualized in the third quarter, compared with a 7.1 percent contraction in Japan during the second quarter and only a 0.1 percent quarterly expansion for the eurozone in the second quarter.
In addition, "our relative bond yields are very attractive, which is going to continue to favor capital flight to the United States and favor the dollar," Ward noted.
"The U.S. economy is really shining pretty bright right now," he added. "There are signs that the growth is even going to accelerate from here . . . and it's going to be even higher with the plunging price of gasoline."
The 10-year Treasury yield stood at 2.34 percent late Wednesday, compared to 0.82 percent for German 10-year government bonds and 0.46 percent for Japanese government bonds.
Strong third-quarter earnings reports are helping U.S. stocks. Of the S&P 500 companies that have issued their results this quarter, 82 percent beat analysts' profit estimates, according to
Bloomberg.
"In the face of these global growth worries, the earnings still came through quite well, and that's been a great shot in the arm for a nice market snapback," Bill Stone, chief investment strategist at PNC Wealth Management, told
The Wall Street Journal.
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