Are equity markets rising for the right reasons?

We look at the US and euro-zone equity markets. An equity market rises for the "right reasons" if the rise in stock market indices is due to: An increase in the fundamental value of equities; Increased demand for equities linked to an increase in their fundamental value. On the other hand, an equity market rises for the "wrong reasons" if the rise is due to: Abnormally low long-term interest rates; Share buybacks. We can then conclude that: In the United States , share prices are rising for both the right and the wrong reasons; In the euro zone, stock market indices are rising for the right reasons.