So when does it start trickling down?
by David Atkins
Break out the champagne (if you’re rich enough to own significant stocks):
Stocks continued their climb into uncharted territory on Friday, racking up the fourth week of gains in a row as encouraging economic data prompted investors to pick up shares of growth companies.
The Dow and the S&P 500 finished at fresh record highs, driven by gains in energy and industrial shares. The indexes have pushed to a series of never-before-seen levels as part of the rally that has lifted equities more than 16 percent for the year so far.
In a sign of how far the market has come, the S&P 500 is also about 1,000 points above the low hit in March 2009 in the wake of the credit crisis and recession. Shares picked up strength late in the day on Friday, with the S&P 500 rising 1 percent not long before the closing bell.
Until wages start going up and unemployment comes down to more moral levels, all stock market records represent is a theft by the top 5% from the people who actually create that wealth. A theft that is legal today but that will, I am confident, be illegal one day under international law so that the plutocratic class cannot play one nation-state against another to perpetuate their state-sanctioned larceny.
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