Stocks are surging today, establishing new all-time highs.
After barely squeaking out a gain to close at a new all-time high yesterday, the S&P 500 is up a whopping 12 points or 0.7%.
U.S. stock market futures weren't looking to good earlier this morning before the U.S. markets opened.
However, things quickly changed at around 7:45 after David Tepper, the extremely influential hedge fund manager, reiterated his extreme bullishness.
Central to his thesis was that the equity risk premium — a way of valuing stocks relative to bonds — was very high, thus making stocks look very attractive.
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