Dow and S&P hit more record highs. Too bad it doesn’t help Main Street
by David Atkins
In case everyone missed it from Friday, the Dow Jones and the S&P 500 hit new nosebleed record highs:
Another week ends, meaning another week of gains and record-setting levels for the Dow Jones and the S&P 500.
Wall Street is reacting to comments from Federal Reserve Chair Janet Yellen. Paul Nolte, a senior vice president and portfolio manager at Kingsview Asset Management, said Yellen’s comments were positive and a signal for the future.
“She’s telling financial markets, ‘Don’t worry, be happy,’ we’re going to keep interest rates low,” Nolte told CNBC.
The Dow Jones industrial average closed at 16,947.08, a 25.62-point change and a record. For the week, it was up 1 percent.The S&P 500 also hit a record, closing at 1,962.87. For the week, it was up 1.4 percent. Energy stocks were among the best performers. It was the S&P 500’s 22nd record close this year.
The NASDAQ gained 8.71 points to close at 4,368.04. For the week, it was up 1.3 percent.
It gets tiresome saying the same thing over and over again, but I wonder how long it’s going to take before people realize that what’s good for the asset markets isn’t necessarily what’s good for the broader economy. The old jokes about the “worst socialist president ever” are also still fully in force.
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