Earlier this month, Appaloosa Management founder David Tepper told CNBC that it’s very difficult to be bearish on stocks right now and said he believes rates should stabilize in the short term. 

“Basically, I think rates have temporarily made the most of the move and should be more stable in the next few months, which makes it safer to be in stocks for now,” he said. He added that Japan, a net seller of Treasury bonds for years, may start buying again following the surge in yields, which could help stabilize the bond market.

According to Tepper, “That takes a major risk off the table, and it’s very difficult to be bearish,” especially given the recently approved coronavirus stimulus package.