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Fri 07 Jul 2009Waves of euphoria engulf Wall Street
Legendary money manager Jeremy Grantham warns that ‘junk’ stocks are leading an excessive rally based on unrealistic hopes, writes Proinsias O’Mahony
WITH US markets almost 50 per cent off their lows, Wall Street is once again full of raging bulls. Strategists at Goldman Sachs, Credit Suisse, Barclays, HSBC and Nomura have all raised their forecasts for global equities in the past fortnight, citing improved economic fundamentals and better-than-expected earnings reports.
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