The three major indexes clinched record closes on Wednesday.
Stock futures climbed Wednesday night after the three major averages closed at new records and the Federal Reserve concluded its latest policy meeting.
"We aren't surprised to see the initial reaction from investors to be to push stock prices up and expect that to continue until some new shock hits the system," he added."This Fed isn't going to stand in the way of the bull market."Looking ahead, traders will watch for data on jobless claims and existing home sales conditions due Thursday morning.
An array of factors could boost the Russell 2000 this year, he added, noting that companies that earn money in the small-cap index are trading around 11 times earnings,"a huge PE story, along with a price-to-book story." The benchmark also has a big biotech weight, and the financial companies within the Russell 2000 are likely to benefit once the Fed begins cutting rates, he said.
Buyback trends are"hitting multi-year highs," BofA noted, with those conducted by the bank's own corporate clients reaching the third highest weekly level ever in data going back to 2010.
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