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The Dow Surged to a Record High Because the Bad News Wasn’t So Bad

·4 min read
The Dow Surged to a Record High Because the Bad News Wasn’t So Bad
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All week long, the had been outperforming the That suggested that investors had finally gotten behind the notion that the economy really is booming and were ready to reward value stocks, the market’s cheapest and the biggest beneficiary of that growth. Futures on the Dow, the most economically sensitive major benchmark, slipped into the red, and Nasdaq futures were pointing to a gain of more than 1%, which made sense given it’s the least dependent on the economy for gains. By day’s end, the Nasdaq was up 0.9%, suggesting a lack of excitement following the early, knee-jerk reaction.