The U.S. bull market is celebrating its fourth anniversary. The S&P 500 has risen 118.4% since its bear market closing low of 3,577 on October 12, 2022. It now stands at 7,811, having doubled in four years. This remarkable rally has been driven by the technology sector and artificial intelligence promises. However, bond yields offering a 5% return on one of the world’s safest assets could now undermine this upward momentum.
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