Don't worry about higher interest rates for now, JP Morgan says

From cnbc.com

You can stop worrying about the effect of higher interest rates on stocks for now, a J.P. Morgan strategist said Wednesday. "While rising long-term rates will ultimately become a negative for profits and multiples, we do not see current levels as a reason to de-risk and sell equities," Dubravko Lakos-Bujas, head of U.S. equity strategy at J.P. Morgan, said in a note Wednesday. He also reiterated his S&P 500 target of 3,000. Rising rates are good for stock valuations because they reflect underlying economic growth and inflation, which are both good for profits, at least initially, Lakos-Bujas said. But U.S. stocks ... (full story)