. So, we have it now. I think what's important, too, though, is in the composition. The dirt is always in the details. The upward [earnings] revisions really came from leisure and hospitality [and,] most notably, food services, and retail. Retail had been careening downward all through the summer, really on a downward trend. It peaked in 2017, retail employment, but that actually was revised up over the last couple months along with the food services.
Christopher Harvey, head of equity strategy at Wells Fargo Securities, was focused on "the bigger picture": "I think the bigger picture, the bigger issue that we have, is the fears are really — it's not that they're unfounded, [but] they were just too great, whether we're looking at earnings, whether we're looking at the job picture, whether we're looking at the economy. And that's what we're beginning to see and that's why the stock market's walking higher. ... I think record highs are justified.
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