51 Record Closes This Year

The stock market closed at another all-time high yesterday. It’s the 51st new high of this year. The market is down a little this morning. Once again, the high beta stocks are beating up on the low vol stocks. This has been the trend lately.

The August jobs report will come out next Friday. This morning, we got another jobless-claims report and for the first time in five weeks, jobless claims increased but only slightly. Jobless claims were 353,000 which is very close to another pandemic low.

We also got our first revision to the Q2 GDP report. The initial report said the economy grew by 6.5% in Q2. Today that was revised up to 6.6%. Wall Street had been expecting an increase to 6.7%. We may see the fastest full-year GDP growth since the 1980s.

The economy has grown by over 12% in real terms over the last four quarters. That’s the fastest rate in 70 years. Of course, that’s largely due to last year’s plunge.

Posted by on August 26th, 2021 at 10:38 am


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