There is also the kind of hope that boosts always forward looking traders: a surprisingly good US jobs report and the opening of European economies.īut this apparent recovery is fragile. Central banks are pursuing exceedingly loose monetary policies to support crisis-hit economies, so there’s plenty of cheap money around for bargain hunters. There are technical reasons why stocks are up. There might be no better sign of the economic inequality that Trump’s presidency has exacerbated. Optically, it’s positively indecent that while so many are suffering, greed is still good on the Street. And his faith in the Dow Jones Index as a barometer of general prosperity is misplaced. The US President never stops claiming credit for a bull market, though he goes AWOL when the bears are prowling. Next year will be our greatest ever!” he tweeted Monday. Smart money, and the World, know that we are heading in the right direction. Airline and cruise ship stocks are soaring, though no one knows when world travel will be safe. On Tuesday, the S&P 500 index was about back to where it was before the coronavirus crash. Nearly 40 million Americans have lost jobs, but Wall Street is on a tear. Pandemic economics is proving the wisdom of the savvy investor who once called the New York Stock Exchange “ the biggest casino in the world.”
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