The U.S. stock market, which on Wednesday finished higher for a third straight day, is benefiting in part by the belief that money now collecting dust in the observation deck will eventually find a home in equities.
"As you look at the cash-on-the-sidelines argument, it hypothetically represents pent-up demand for equities," said Art Hogan, chief market strategist at Jefferies & Co. U.S. money market fund assets most recently stood at $3.56 trillion, down from their March peak of $3.8 trillion, but still about double the amount of funds typically held, Hogan said. (more)
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