The prolonged period of extremely accommodative monetary policy has distorted investment objectives, he said in a note.
Advancing issues outnumbered decliners on the NYSE by 2,077 to 953. On the Nasdaq, 1,699 issues rose and 1,063 fell.
The S&P 500 index showed nine new 52-week highs and eight new lows, while the Nasdaq recorded 31 new highs and 75 new lows.
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