What if they held a bull market and no one came?: James Saft
The remarkable thing about the Dow Jones Industrial Average’s new all-time record is how few people give a damn.
There are good reasons for this – the Dow is the doddering uncle of stock market indicators and it, along with the rest of the stock market, is being held aloft by the magic fingers of Federal Reserve policy.
More importantly, there are important consequences of the record’s lack of consequence: with no feel-good factor people won’t be piling into stocks like the lemmings they usually are, nor will they be as likely to go out and spend the (paper) gains.
The Dow rose again on Wednesday, setting a record for the second day running by rising to 14,320. The Dow’s last record run ended in October 2007.
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