US equities at record high mask weak recovery

Shortly before the US markets closed for Easter, the most closely watched US equity index, the S&P 500, hit an all-time high. The previous record high was recorded in 2007.

The more narrow Dow Jones Industrial Average had set its own new record some weeks before. However, the Dow delivered a cracker March quarter, jumping 11.25 per cent, the best first quarter showing in 15 years. The tech-heavy Nasdaq Composite achieved a 52-week high. It was quite a trifecta, even if it had been a long time coming.

However, celebrations were rather different, more subdued from what they were back in 2007 before reality reasserted itself across all global financial markets.

Read the full article: US equities at record high mask weak recovery (AFR subscription required)

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Max Walsh

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Max Walsh was for many years one of Australia’s top economic and political commentators, highly regarded as a journalist, author and broadcaster. Throughout his career, Max was involved in all dimensions of the media industry, which has encompassed positions with two of Australia’s largest publishing companies and television networks.

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