Why Dow Record Means a Lot

By ,

Published May 08, 2017

It's not so much whether we break a record on the Dow, but the fact we're even teasing one now.

I mean, think about it: After 9/11, an Internet bubble bursting, corporate scandals, a recession, a war — add it all up and you'd think we'd be looking down.

Down arrows. Down companies. Down country.

But we're not.

Under the radar, Americans proving a lot more upbeat than the media that reported on them.

They continued shopping. They continued buying. They continued believing.

So companies continued growing — on average, double-digits, quarter in, quarter out.

Sometimes their stocks reflected it. Sometimes their stocks did not.

But for most companies and most workers most of the time, good times.

I stress not all.

Plenty have been down-sized in this up-sized economy.

U.S. auto workers are hurting, U.S. energy workers are rejoicing — the flipside of little more than a decade ago.

Yet for the numbers by which all economies are judged this economy is mostly judged sound.

Low unemployment. Still low interest rates. High productivity. Higher growth.

Things will slow down. They always do.

And the market will slow as well. It always does. But in the cycle that links the two, a cycle to behold.

I know it's just a number, but after all we've been through, a remarkable number just the same.

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