The headlines and market analyses of the last few weeks, saying that stocks are in a bull market, may be a comfort even if they are potentially misleading.They are based on the unassailable fact that the S&P 500 has risen more than 20 percent from its last bottom, which occurred on Oct. 12. News that the Federal Reserve expects further interest rate increases this year has weighed on the market. Yet if inflation, which rose at an annual rate of 4 percent in May, drops substantially, the Fed might hold rates steady, or even start to reduce them — and the stock market might well keep rising.But is this really a bull market? It may ultimately turn out to be one, but right now, there are some big caveats.First, if a bull market means to you that stocks are trending unequivocally upward, then, no, the bull market label is being misapplied right now. It’s not …
