The S&P 500 is up 20% from its October low. Some think that means a new bull market. But not everyone's convinced.
There's been chatter that we're finally in a new bull market. Yet it somehow doesn't feel like it, CNBC's Bob Pisani writes.The bears have gone into hibernation and the bulls are charging in. Or so they say.
Friday's gain gave the Nasdaq its seventh consecutive winning week, a feat not seen since November 2019. The tech-heavy index was juiced by Tesla's 4% jump — its 11th straight positive day — after General MotorsThe S&P had four straight weeks of gains, but more significantly, it's up 20% from its October low. Bank of America technical strategist Stephen Suttmeier even thinks the S&P could shoot up to 5,000 by June next year.
"Everything we own in our portfolios, we're stressing for a couple quarters of -3% to -5% real GDP," Michele said.
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