This is why stocks keep rallying, according to Morgan Stanley

Morgan Stanley says steady upward revisions to S&P 500 earnings growth expectations have compressed the index's price-earnings multiple. The firm argues the growth outlook is broader and more sustainable, which supports the market's fundamental backdrop. The note is constructive for equities, though it is commentary rather than a discrete earnings event.

Analysis

Morgan Stanley says steady upward revisions to S&P 500 earnings growth expectations have compressed the index's price-earnings multiple. The firm argues the growth outlook is broader and more sustainable, which supports the market's fundamental backdrop. The note is constructive for equities, though it is commentary rather than a discrete earnings event.