Fedspeak occupies a dull market

It is late summer and a time when the rumor mills work overtime. Financial news departments, confronted with a paucity of breaking news, are desperate to publish “informed opinions” and comments from any public or private sector big name they can find. This week a...

Three in one

On Thursday, all three U.S. benchmark averages—the S&P 500, NASDAQ and the Dow Jones Industrial Average—registered historical new highs on the same day. You don’t want to know what happened the last time this happened. That was in 1999. The year after ushered in...

Jobs versus the economy

The stock market is at record highs. Unemployment is under 5%. Interest rates remain at historical lows. Why then is the economy growing at the weakest rate since 1949? Historically, when unemployment is running at 4.9% and job growth continues to confound on the...

Markets need to digest recent gains

Greed and fear make the world go round. While Donald Trump attempted to tap into the latter emotion in his acceptance speech this week, investors were mesmerized by the opposite emotion, at least where the stock market is concerned. It is true that the markets, like...

Markets make hay

A series of new historical highs rewarded investors who remained patient this year and remained invested. Unless something changes in the world of central banking, there is a good chance that further gains are in store for the stock market. There will be pullbacks...

Historical low interest rates prop up equities.

There was a time when soaring bond prices and correspondingly lower interest rates were a bad sign for the stock market and the economy. Thanks to worldwide central banks, that correlation no longer exists, or does it? Current wisdom on Wall Street will tell you that...