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.
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