Why can US stocks maintain a bull market?

The U.S. stock market has always been a bull market:

First, the core factor of the bull market in U.S. stocks comes from the fundamentals of listed companies, that is, when the overall economic recovery is weak, American companies have achieved profit growth due to the decline in the prices of raw materials and labor, reduced interest expenses and reduced tax burden.

Second, the US stock market is selectively focusing on positive factors and downplaying negative ones. Big information factors, such as QE exit, take a month or two to gradually digest. This is a typical bull market environment, and the stock market always eliminates all kinds of resistance to rising in shocks.

Third, the driving factor of the bull market in US stocks lies in technological progress, including the accumulation of human capital. US stocks rebounded strongly, with Nasdaq and Standard & Poor's hitting multi-year closing highs or intraday highs, mainly in industries such as health care, new materials and consumer goods.

Fourth, the profits of American enterprises have risen, while operating leverage has risen, effectively offsetting the impact of financial leverage on business operations.

Friendly reminder: the US stock market will not be a bull market forever, because experts believe that the current economic recovery in the United States is likely to be cyclical, and the US economy may have to go through the process of deleveraging by the government before it can usher in a sustainable overall prosperity.