America is richer than ever after a strong December close to a landmark year for the U.S. stock market.
Fox Business contributor Charles Payne took critics to task for dismissing the record gains, pointing to strong employment amid record capitalization.
The bull market in equities has priced out the once-feared possibility of recession and that’s good news for everyone.
Going into 2020 America is richer than ever before. Record stock market valuations are an emphatic indicator of overwhelming optimism about the country’s economic future.
The Dow Jones Industrial Average continued to chart record territory throughout the holiday week. Five day, 30 day, six month, and YTD numbers all flashed green.
The S&P 500 Index rolled through its fifth straight week of gains. It’ll likely to post its best year since 1997. The benchmark is in elbow’s reach of the best year in two decades.
Amazon’s record-breaking sales pushed the NASDAQ composite to record highs this week as well. It breached the 9,000 level for the first time in history.
A Record Stock Market Is Good for Everyone
But throughout the landmark year for stocks, critics like Berkeley finance professor, Martin Lettau say it’s fueling a wealth gap.
His University of California colleague, economics professor Gabriel Zucman, calls the recovery “disappointing from the standpoint of inequality.”
Fox Business contributor Charles Payne tweeted a firm rebuke to more murmurs of discontent over the stock market boom this week. He points out that a majority of Americans own stocks, and touts the strength of job numbers.
That 55% figure of U.S. stock ownership is based on Gallup’s latest numbers. Gallup’s figures from decades past differ dramatically from those of the Federal Reserve’s Survey of Consumer Finance. They paint an even bright picture for the record equities growth.