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Today was a Roaring 2020s kind of day. The DJIA jumped to yet another record high. Stock prices rose even as Nvidia dipped after beating quarterly earnings expectations (which were widely expected to beat expectations). Once again: No recession in today's economic indicators.
For the past couple of years, many economists (and Jamie Dimon) have predicted that the consumer would soon be "tapped out" after exhausting pandemic-period "excess savings." A robust jobs market, rising real wages, increased productivity, and record corporate profits and cash flow suggest the bull market has room to run. Consider:
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