Looking under the hood of the stock rally

Full steam ahead for stocks? Not so fast.

Full steam ahead for stocks?

The Standard & Poor's 500-stock index hit a four-year intraday high this week and is up 10% since early June. In some parts of Europe, the gains have been even sharper. Since late July, Spain's IBEX 35 index has risen an eyewatering 23%. Government bonds perceived as safe have sold off. Stock investors should be in raptures.

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