Sumner has spoken:
Reuters: Sumner Redstone, executive chairman of CBS Corp, said on Wednesday that he thinks the U.S. stock market is at the start of a bull market…
“I think we’re in the beginning of a bull market. When a bull market begins, nine months later the economy turns around,” said the media mogul at the Milken Institute, who said he felt like he had the vital statistics of 20 year old.
“It was always tough, but today we are in the throes of something we have never seen in our history. It’s clear in recent times the market is looking for a bottom.”
“The news was extremely bad on the GDP and the market went up. In a bull market, the market ignores bad news. Today, we ignored extremely bad news,” Redstone said in a Q&A session with CNN’s Larry King.