Rising rates and waxing gibbous stocks

As the economies recover, though at different paces, investors fret about rising interest rates and their likely impact on equity indexes. But stocks have seldom suffered from rising rates, at least according to Morgan Stanley. In a recent research paper Morgan Stanley’s economists argue that on 13 market indexes dating back to 1980 equities have actually performed pretty well. Is it the time of the waxing phase on stocks?