It bears repeating that low interest rates could be a double-edge sword for equities. Pension funds are under-funded and depend to some degree on a decent coupon from US Bonds.
“Two of the pillars of the case for stocks are that bond yields are low and corporations are flush with cash. When corporate pension plans are taken into account, there are minuses along with those pluses.
Owing in large part to the collapse of long-term interest rates to record lows, the pension funds of the Standard & Poor’s 500 are estimated to be underfunded by upwards of a half-trillion dollars, or by more than one-fourth of what they need to meet their future obligations.” Randall Forsyth, BARRONS