Market Watch: Stocks up but retail stores are falling

As all three U.S. stock indexes finished with record closes, word came today that Macy’s, one of the world’s largest retailers is closing 100 of its 650 stores, or 15% of its global locations. According to Challenger, Gray & Christmas, more than 43,600 layoffs have been announced in the retail industry so far this year. See more here.

Even with stock prices at new record highs, with a great deal of money and speculation in the markets, one economist and strategist is advising investors to “start scaling back” on stocks. David Rosenberg, chief economist and strategist at Gluskin Sheff wrote in his daily report today:

“Speculative bets on the S&P 500 are at their highest levels since Jan. 6, 2015, with traders speculating on market direction through Dow futures contracts. These spec positions along with 11 other factors are a warning to clients that they should sell into, not buy, the recent rally. Discipline means always buying the fear and selling the greed. On a scale of one to 10, we are at eight on this scale. So start scaling back.”

See more below.

Yesterday a drop in price of oil caused the markets to dip.  Today: oil was up & that was good news for Wall Streets.
Here are the final numbers from Thursday, August 11th, 2016 on Wall Street:

Dow Jones Industrial Average: 18,613.52  (+117.86 / +0.64%)

NASDAQ: 5,228.40 (+23.81 / +0.46%)

S&P 500: 2,185.79  (+10.30/ +0.47%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 1 hour ago
Phil Cannella
Phil Cannella

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