It’s great the stock market is setting records, but it’s not because the economy is great.
Stocks on Wall Street have soared to fresh record highs, but it’s not because the economy is flashing a big thumbs-up sign. It’s not.
Retail sales ostensibly rebounded in October after declining in September, but a closer look at the numbers suggests consumers are not spending as much as they were earlier in the year. The central bank reduced rates mostly over worries that the U.S. trade war with China could endanger the economy, but tensions have eased as both countries returned to the bargaining table. That’s added to the confidence on Wall Street DJIA, +0.80% . SPX, +0.77%Escalating trade tensions in August and September dented consumer confidence and briefly spawned fresh talk of recession.
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