Stocks are trading higher across the board today thanks largely to a few choice words by a very prominent Charlottean.
Panthers’ owner and hedge fund manager David Tepper did an interview with CNBC’s Joe Kernen where Tepper told Kernen that he believes the rise in treasury rates is over, believing that foreign investors like Japan are about to start buying.
“Basically I think rates have temporarily made the most of the move and should be more stable in the next few months, which makes it safer to be in stocks for now,” Tepper said.
The Charlotte newcomer believes that large-cap “bellwether” stocks like Amazon are starting to look attractive after the recent stock market correction.
Since his comments aired this morning, the DOW and NASDAQ are now both up over 100 points.