It’s a stock market that won’t stop.
The last few months have been packed with bad news: trade war salvos, U.S. threats against Mexico, a currency scare, a looming warning called “yield curve inversion“ and chaotic presidential tweets.
Yet U.S. stocks surged this week to within striking distance of all-time highs, earning hundreds of billions back for investors after a tumultuous August.
The Dow Jones industrial average capped an eight-day win streak on Friday, closing at 27,215, up 37 points and less than 1 percent off its all-time high. Standard & Poor’s 500 Index and Nasdaq Composite closed down Friday, but were up for the week. The S&P snapped a three-day win streak, closing down 2.37 points to finish at 3,007. The Nasdaq was flat as well, down only 18 points or 0.22 percent, closing at 8,176.
All three averages have posted three straight weeks of gains.
”It’s called TINA,” said investment manager Michael Farr. “There Is No Alternative.”
With the Eurozone economy ailing and its bond market demanding investors pay banks and governments to hold their savings rather than the other way around — called “negative yield” —the U.S. stock and bond markets are two places where savers can make a return on their investments.
“With short-term bond yields crashing around the world, the U.S. stock market has become the new safe haven,” said Chris Rupkey of MUFG Bank. “The