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Opinion
Mark Gongloff

This Is a Stock-Market Rally About Nothing

It’s all a sugar high, and the hangover could be painful.

“Seinfeld” claimed to be a show about nothing. This is the “Seinfeld” of stock market highs.

“Seinfeld” claimed to be a show about nothing. This is the “Seinfeld” of stock market highs.

Photographer: SCOTT FLYNN/AFP/Getty Images

Fastenal Co. may not be a household name, but it’s a bellwether of the state of the global economy. And that state is not great.

The Minnesota industrial-supply company today dumped a bunch of second-quarter numbers “that disappointed in every way,” writes Brooke Sutherland. Because Fastenal sells stuff to the massive companies that make other stuff, its view of business conditions is noteworthy, Brooke writes. Unfortunately, its current view is that global industrial weakness seems to be here to stay, confirming recent downbeat trade and economic data from around the world.