Anjali Sundaram | CNBC
Stock investors should be very careful moving forward as the market is in an “absolute raging mania” following its rebound off the coronavirus lows, longtime hedge fund manager Stanley Druckenmiller said Wednesday.
Druckenmiller, CEO of the Duquesne Family Office, said that while the Federal Reserve did a “great job” in March by cutting rates and launching unprecedented stimulus programs to sustain the economy, the follow-up market rally “has been excessive.”
The S&P 500 is up more than 51% after hitting an intraday low on March 23. Last week, the broader-market index hit an all-time high before a roll-over in tech shares knocked it back below that level.
“Everybody loves a party … but, inevitably, after a big party there’s a hangover,” Druckenmiller told CNBC’s “Squawk Box.”
In June, Druckenmiller told CNBC he had been “humbled” by the market’s comeback off its coronavirus lows.
This is breaking news. Please check back for updates.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Originally published on CNBC