One of the most striking aspects of the new year is “optimism.” Among individual investors, the proportion of bulls less bears nearly reached its highest level last week since early 2004. With the stock market regularly setting new record highs, it’s not only Wall Street that is elated. Both consumer and business confidence measures also are near post-war highs and the U.S. Federal Reserve remains confident enough to keep raising interest rates! Perhaps for the first time, the mainstay of this recovery—a perpetual Wall of Worry—has evaporated.
Jan 08 2018