Another record day on Wall Street

The Dow keeps climbing. Today's 128-point gain puts the blue-chip index at a record-high 14,802, which is up almost 13 percent year to date. The S&P 500 is also at a record high. The big pullback that many investors have been waiting for is still going to happen - it has to happen - although some would argue that the Fed's infusion of capital has created an artificial exuberance that masks the real economy. From the WSJ:

"There's just no fear in this market," said Viren Chandrasoma, U.S. head of program trading at Credit Suisse Group AG. Caution had been creeping into the market in recent weeks, as sectors and indexes closely tied to economic growth lagged behind more defensive investments. But the advances come after the latest meeting minutes from the Federal Reserve did little to shake investor confidence in the central bank's support for the economy. Surprisingly strong economic data from China and Europe provided a base for the optimistic mood. "There was relief that [the Fed is] not going to be pulling back right away," said Chris Costanzo, investment officer with Tanglewood Wealth Management, which manages $725 million.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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