What Is Really Driving This Market

A big driver of the move in the market for the past 5 months has been stock buybacks. Solid free cash flow and cheap borrowing rates has allowed companies to repurchase their shares aggressively.  From the FT:
TrimTabs estimates the actual deployment of announced buybacks is running at a rate of $1.7bn daily in the fourth quarter of last year, up from $1.3bn reported by S&P in the third quarter.
 

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