Borrowing to buy U.S. stocks is at odds with “the surge in animal spirits” after Donald Trump’s presidential victory, according to Sean Darby, Jefferies Group LLC’s chief global equity strategist. In a report Monday, Darby cited the New York Stock Exchange’s data on margin debt, which has yet to break a February 2015 record of $507 billion. December’s total of $489.5 billion was 6.1 percent higher than a year ago, far below a peak of 38 percent growth in July 2013.
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