Share repurchases have been a crucial backbone for the eight-year bull market.
On several occasions during the period, the US stock market has looked devoid of any positive catalysts, relying heavily on buybacks to keep share prices afloat.
This was never more true than during the S&P 500’s five-quarter earnings contraction from 2015 into 2016, a period that saw the benchmark edge higher by 1.5%, driven largely by companies repurchasing their own stock.
Dispatches From The Front 