Yes the economy keeps hobbling along. But the stock market has been very strong. The bellwether Dow Jones industrial average of 30 large cap stocks hit a five year high the other day, highest it’s been since Halloween of 2007. My 22-year old was still in high school, my 10-year old in kindergarten. That’s just after the world started figuring out that a housing and mortgage crisis was looming and the Great Recession began. We are only now slowly, very slowly, working our way out of that one.
One thing you can always count on. The market always comes back. The long term market trend has always been up. The zillion dollar question of course is when it will go up vs. the nasty alternative. We also know that the market has historically been a leading indicator, a sign of things to come in the economy. While we are hearing some prognosticators talk about dire predictions for the next few years, the market is telling us otherwise.
This is also good for New York’s key economic driver – Wall Street. We are very busy getting financings completed for our clients, and this is obviously a good thing. What does this lead to? New jobs both on the Street and for the companies that get financed. Go 2013!