Bank of America CorpImpact on stocks 1
Bank of America CorpThe stock market has just repeated a pattern last seen in 2000, when 20 S&P 500 companies hit record highs on a single day shortly before the dot-com bubble burst. On May 29, 20 S&P 500 stocks closed at all-time highs, with only seven of them unrelated to artificial intelligence, according to Bank of America analyst Michael Hartnett. Hartnett noted that the last time this occurred was nearly 26 years ago, just before the internet bubble popped in March 2000. The Shiller price-to-earnings ratio has also crossed 40 for only the second time in 155 years, matching the level reached before the 2000 crash. Hartnett suggested that an interest rate hike could end the current bull market, and Minneapolis Fed President Neel Kashkari recently said he expects at least one rate increase before the end of 2026.
Bank of America Corp