The Dow Industrials passing the 40,000 barrier makes for a nice headline, but market experts don't take much else from the move.
Passing the 40,000 barrier makes for a nice headline, but market experts don't take much else from the Dow move.
Passing major milestones like the 40,000 barrier the Dow Jones Industrial Average eclipsed this week makes for a nice headline, but market experts don't take much else from the move. Indeed, the market stumbled through 2022, then entered 2023 with nearly all of Wall Street convinced that a looming recession would further pressure stocks.
"Market participants do have a tendency to extrapolate when you're in the glow of these huge year-over-year changes in earnings. So, there could be some risk associated with the bar being set fairly high," Sonders said. "But right now, the economic backdrop, the combination of continued disinflation and still decent but not-hot economic growth, that's a pretty good recipe.
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