I am completely baffled by the stock market's resilience lately, because the worst thing that could happen looks like it is happening. What are we talking about? The increase in jobless claims.
I am completely baffled by the stock market's resilience lately, because the worst thing that could happen looks like it is happening.
And there are two troubling things happening right now: new claims for jobless benefits are rising, and the number of people continuing to draw benefits each week for lack of finding new work is moving higher as well. On a rolling four-week average, new claims have risen from just over 200,000 in January to 240,000 as of last week. "As claims rise, markets fall," warns Piper Sandler's Michael Kantrowitz. And yet the S&P 500 is still clinging onto a nearly 8% gain year-to-date.
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