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Besides, said Stock, "what they're doing is of symbolic significance.
Some investors said stock prices already reflect the economic rebound, but the market surged anyway.
For now, though, Mr. Levy said, stock prices are difficult to decipher.
MANY analysts said stock prices were already reflecting most of those uncertainties.
One industry analyst said stock investors were betting that an uptick in housing starts would eventually fuel an increase in pickup sales.
He said stock market investors had become too dependent on the Fed programme and it was hyping certain assets, including stocks and housing.
Similar(11)
Even so, he said, stocks have to be more than just inexpensive.
In some important ways, he said, stocks at that moment had become safer than bonds.
And despite the stock market's recent meteoric rise, he said, stocks still look relatively cheap, certainly compared with bonds.
Markus Huber at ETX Capital said: Stocks are being hit at the moment by a double whammy.
Cites, the Convention on International Trade in Endangered Species, endorsing Russian data, said stocks rose 24percentt.
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