A jump in consumer spending in the final stretch of December significantly offset a slow start to the U.S. holiday shopping season, and is likely to help many retailers beat sales forecasts, industry research groups said on Tuesday.
The markets ended the week on a positive note on Friday as investors doubled down on a rally fueled by optimism that President-elect Donald Trump's policies will boost economic growth. The Dow Jones Industrial Average, which briefly came within striking distance of the historic 20,000 level earlier this week, recorded its seventh straight weekly gain.
Wall Street rose today, with the S&P 500 index hitting a record intraday high for the seventh time this month as gains in technology heavyweights Alphabet and Amazon more than made up for losses in energy shares.
In a piece subtly titled “Institutional Investors are Delusional,” Meb Faber points out that the mean expectations in a poll of investors on net returns is 13%. That would require a gross return of 20%. Just 1% of more than 400 respondents (so just four people) are rational.