Yesterday was the day of Dow 13,000! Or at least it was, briefly. And today, Morning Money’s Ben White has a great quote from Cumberland Advisors David Kotok Cumberland on the (in)significance of this market level:
“Dow 13,000 is a meaningless number. Is there any difference between 12,999 and 13,001? It’s a headline only because no one has anything better to do. The best advice I can give to your professional colleagues who make it a headline number is to go search for a local warehouse fire to cover…”
Of course, he’s technically correct. That said, the Dow reaching a high it hasn’t touched since 2008 crystallizes the narrative of a recovering economy and a resilient stock market.
Cumberland goes on to say that the real story that journalists should be covering, beyond the all important local wharehouse fire, is Greece.
We seem to remember more than a few headlines on that topic yesterday.
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