Stock Market Bull Charges On, Question Is When It Meets the Bear
Economic data has been uneven, as the impact of Trump’s sweeping tariffs is only starting to hit.
Photographer: Stephanie Keith/BloombergThe stock market is on a heater. After rising for nine straight sessions and gaining 10% in that time, the S&P 500 Index closed out the week on its longest winning streak in more than 20 years, recouping all of its losses since April 2, when President Donald Trump launched his global trade war.
The question is why. And the answer appears to be, with so much of Wall Street’s institutional money staying on the sidelines, bullish individual investors are driving the gains. History says there’s little sense in fighting this enthusiasm. To paraphrase the famous statement from former Citigroup CEO Chuck Prince in 2007 right before the global financial crisis hit, for now the music is still playing, so you have to dance.