Bill Gross Laments ‘Excessive Exuberance’ as Stocks Surge

Bill Gross warned that investors are in for a bumpy ride as “excessive exuberance” sweeps financial markets.

The S&P 500 Index surged above 5,200 for the first time this week, extending its gain over the past 12 months to 33%. The rally came even as the Federal Reserve’s aggressive monetary tightening pushed its benchmark rate to the highest in more than two decades and lifted 10-year inflation-adjusted yields roughly 300 basis points over the past two years.