Bankruptcy risks pose the greatest threat to the stock market's rally to near-record levels, famed economist Mohamed El-Erian says

· *A wave of corporate insolvencies has the best chance at dragging stocks from their lofty prices, Mohamed El-Erian, chief economic advisor at Allianz, said Monday.*
· *Investors have looked through US-China tensions, stretched valuations, stimulus delays, and surging COVID cases in recent weeks to push stocks higher.*
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