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The amount of money in the U.S. bond market is around $38 trillion, roughly double the size of the U.S. stock market. So when things calm down in the bond market, it affects stocks.
Investors are looking ahead to slow but steady growth in corporate earnings, as third-quarter earnings season starts up in October.
LPL’s White pointed to stronger-than-expected manufacturing and service industry reports from the Institute for Supply Management last week as another reason why stocks have performed so well.
"Nothing predicts how corporate earnings will do better than the ISM reports," he said.
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