Those of you who’ve been following my work carefully know I’ve been very concerned about the stock market eventually waking up to the events of the day and not liking it very much. The problem was nobody knew when that would happen given the market has overlooked so much for so long.
U.S. stocks opened higher on Friday, led by technology stocks, as a sense of calm prevailed over the financial market in a week that was dominated by political uncertainty surrounding Donald Trump's presidency.
U.S. stocks rose as upbeat economic data emboldened investors to return to the market on Thursday, a day after Wall Street suffered its worst selloff in eight months following a political crisis involving President Donald Trump.
It may be more so on style than substance that President Donald Trump’s dismissal of FBI Director James Comey fails very badly. Yet, in spite of what were broadly accepted reasons for the dismissal, the disquieting manner in which so many aspects of it were handled became the ‘substance’ in terms of the lower standing of the President even within his own party; and needless to say the not-so-loyal opposition from the Democratic Party.
The S&P 500 and the Nasdaq opened at record highs on Tuesday amid rising appetite for riskier assets following Emmanuel Macron's victory in the French presidential election and a strong U.S. corporate earnings season.
The old adage to “sell in May and go away” has not held in recent years. In fact, May has produced positive performance for four consecutive years in all three major indexes. That is the strongest run in May since the heart of the bull market when the S&P 500 produced 13 consecutive positive returns in May from 1985 through 1997.