NPR – A Decade After A Fearful Market Hit Bottom, Stock Bulls Continue Historic Run

Author: , Post Date: December 30, 2019

A Decade After A Fearful Market Hit Bottom, Stock Bulls Continue Historic Run
by Jim Zarroli – Dec. 30, 2019

Excerpt below.


Stocks are finishing 2019 on a remarkable upswing, with all of the major indexes hitting record highs and the S&P 500 up nearly 30% for the year.

“If you look at the world in the last year, worldwide stock markets added $17 trillion — trillion, with a T — in value … so you’ve had a remarkable expansion of stock market wealth,” says David Kotok, co-founder and chief investment strategist at Cumberland Advisors.

The market has often seemed willing to overlook political considerations. When President Trump was elected, some analysts predicted his erratic nature would tank the markets, which tend to like predictability.

Instead, the opposite has happened. Although his anti-trade rhetoric has sometimes sparked periods of volatility, stocks have soared under Trump’s watch overall.

“He does deserve some of the credit for it,” Krosby says. “He’s provided an exceedingly pro-business landscape for the market.”

Kotok says the bull market may actually have gone on too long. Many people on Wall Street have never lived through a bear market, and that can lead them to take chances.

“When you have a large mass of people who kind of think everything’s going to be good and it’s terrific and it’ll go on forever, that’s a time for caution,” Kotok says.

But for now, the euphoria is winning.

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