File under: Clueless about Austrian Business Cycle Theory.
Laurence D. Fink, who runs the world’s largest asset manager as chief executive officer of BlackRock Inc., said the current rally in equities may not be justified and won’t last unless earnings pick up. reports Bloomberg.
This morning via MarketWatch:
S&P 500 and Dow industrials scale new heights
U.S. stocks extended their run into the record books on Thursday, finding support after stronger-than-expected results from large financial institutions as well as upbeat economic data.And.
U.S. stocks soar to new records. Dow climbs 138 points, S&P 500 rises 0.6%. JPMorgan up 2% on positive results. https://t.co/A9OlUXl3FI— CNNMoney (@CNNMoney) July 14, 2016