Here’s What’s Driving Stocks To Record Highs

Needless to say, those betting against US equities have had a rough go of it post-election. Those betting that volatility would finally be stirred from its prolonged, Rip-Van-Winkle-esque slumber have had it even worse. That's not to say those bets were misguided. After all, US stocks are unquestionably stretched. Indeed, as Goldman noted on Friday afternoon, the rally in US equities from November 8 onward is entirely attributable to multiple expansion. Similarly, volatility is unquestionabl