One of best investors of his generation says that, at some point, the stock market will slow down — but, till then, ‘I love riding a horse that’s running’

‘I love riding a horse that’s running.’

David Tepper tells CNBC

Perhaps, cribbing from the lyrics to the viral song “Old Town Road”, David Tepper is going to take his horse and ride till he can’t no more.

That is essentially the sentiment conveyed by the founder of hedge fund Appaloosa Management to CNBC on Friday.

Tepper told the network’s anchor Joe Kernen that he “has been long and will “continue that way.”

The U.S. stockmarket has enjoyed a nearly uninterrupted assault on records, highlighted by the Dow Jones Industrial Average DJIA, +0.11% closing at a milestone above 29,000 for the first time and the S&P 500 SPX, +0.21% achieving its own landmark close above the psychological round-number at 3,300, while investors in the Nasdaq Composite Index COMP, +0.05% may have their sights trained on 10,000.

The ascent for stocks have made investors uneasy, primarily, because markets are already coming off a stellar 2019 and further gains, while possible, were expected to be more subdued than the current start for major indexes in the third week of 2020.

On top of that, U.S. economic expansion its in its record-setting 11th year, with experts and statisticians making the case that the expansion and bull run for markets can’t last forever.

The Dow ended 2019 up 22.3%, its best year since 2017, while the S&P 500 saw its best year since 2013, gaining 28.9%. The Nasdaq produced its loftiest annual performance in six years after rallying 35.2% last year.

So far this year, the Dow and S&P 500 are both up by about 2.9% in January and the Nasdaq Composite is up more than 4.5% in the first three weeks of the year.

The gains have even made well-known professor of finance at the University of Pennsylvania’s Wharton School of

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Wall Street opens at record high on strong data, earnings

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 9, 2020. REUTERS/Brendan McDermid

(Reuters) – U.S. stock indexes marched to new highs at open on Friday, driven by optimism over corporate earnings, upbeat economic data and indications of resilience in China’s economy.

The Dow Jones Industrial Average .DJI rose 15.67 points, or 0.05%, at the open to 29,313.31.

The S&P 500 .SPX opened higher by 6.85 points, or 0.21%, at 3,323.66. The Nasdaq Composite .IXIC gained 35.24 points, or 0.38%, to 9,392.37 at the opening bell.

(This story corrects to “new” from “news” in first paragraph)

Reporting by Susan Mathew in Bengaluru; Editing by Saumyadeb Chakrabarty

Our Standards:The Thomson Reuters Trust Principles.

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Dow, S&P 500, Nasdaq open at intraday records as stock market aims to cap solid week of gains

U.S. stock rose at the start of trade Friday, with the major benchmarks reaching new highs in just the third week of the year, after data on new U.S. home construction showed it surging to 13-year highs in December. The Dow Jones Industrial Average DJIA, +0.18% gained 0.1% at 29,334, the S&P 500 index SPX, +0.23% rose 0.2% at 3,322, while the Nasdaq Composite Index COMP, +0.19% advanced 0.3% to reach 9,381 at Friday’s start. Gains on the day have been bolstered by strong economic data. December housing starts showed home constructing rising 16.9%, to annual rate of 1.608 million units, to the fastest pace since 2006, well above the consensus forecast of 1.375 million, according to a MarketWatch poll of economists. Investors optimism wasn’t dented by China reporting its worst annual growth in three decades of 6.1%.

Stock market hits new highs as Dow, S&P 500 aim to cap a record-setting week with a flourish higher

U.S. stock rose at the start of trade Friday, with the major benchmarks reaching new intraday highs, after data on new U.S. home construction showed it surging to 13-year highs in December.

Investors were also parsing data that showed China’s economic growth picked up in December, though annual growth was the weakest in about three decades.

Gains have been mostly aided by an apparent detente between China and the U.S. and corporate quarterly results which have helped to extend the view that the U.S. will avoid a recession in 2020.

How are benchmarks faring?

The Dow Jones Industrial Average DJIA, +0.20% gained 29 points, or 0.1%, at 29,325, the S&P 500 index SPX, +0.23% rose 5 points, or 0.1%, at 3,321, while the Nasdaq Composite index COMP, +0.20% advanced 23 points, or 0.2%, to 9,379.

On Thursday, the Dow gained 267.42 points, or 0.92%, to 29,297.64, the S&P 500 advanced 27.52 points, or 0.84%, to 3,316.81, while Nasdaq Composite Index added 98.44 points, or 1.06%, to 9,357.13.

For the week, as of Thursday’s close of trade, the Dow and S&P 500 are on pace for their second straight weekly gain. The blue-chip gauge is up 1.6% for the week, on pace for its best weekly advance since Aug. 30. The S&P 500 is headed for a 1.8% gain for the week, which would mark its best return since the week ended Sept. 6. Meanwhile, the Nasdaq is on track for a 1.9% return for the week, which would mark its best return since the period ended Dec. 20 and its sixth weekly gain in a row.

What’s driving the market?

Wall Street is in rally mode, with sentiment boosted Friday morning by data on U.S. December housing starts that showed home constructing rising 16.9%, to annual rate of 1.608 million

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