US stock market's new high baffles investors

As Jared Woodard, a Bank of America investment strategist, steps into the elevator at work each morning in Midtown Manhattan, he already knows what investors will call to ask

Why has the US stock market hit record highs while investor confidence, reacting to a worsening economic outlook, has deteriorated?

“It’s the most frequently asked question we’ve had this year,” Woodard said. “Investors we speak to are incredibly cautious. They see the market rally but they don’t trust it.”
US economic growth slowed in the third quarter as business investment continued to weaken, adding to concerns the global economy rests on a



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