Investors are losing their ability to resist a stock rally that much of Wall Street is convinced is doomed.
More than $12.6 billion has been sent to equity exchange-traded funds in April, the largest influx since January and more than twice the rate of February and March. Money is pouring into stocks as fast as it’s being yanked out of cash: ultra-short duration ETFs are on track for their first monthly outflow since January, data compiled by Bloomberg show.
Spigots are turning back on at a time of fairly intense skepticism among the pundit class. To the ever-elongating list of potential obstacles, investors were treated in the last few days to dour tidings in both the Federal Reserve Beige Book report and the Philadelphia Fed’s manufacturing index.
