leading to a sprightly rally to new record highs is a fitting turn for a stock market whose defining feature right now is a dearth of determined sellers.
That was Friday's story, a 700,000-job shortfall in April relative to forecasts acting as an excuse for a relief bid in underperforming growth stocks with no evidence from sturdy cyclical sectors that investors were rethinking the near-universal expectations for a strong U.S. economic revival underway.
Of course, every share that's bought is also sold. And, for sure, many precincts of the market — speculative-growth stocks, IPOs, alternative-energy plays — have indeed been battered by liquidations. But the selling has been localized, and money has generally migrated into other groups rather than out of the market, leading to the unflappably rotating advanceTrading volumes in stocks and options have ebbed over the past several weeks — not unusual in a grinding uptrend but supportive of the idea that would-be sellers are content to let their equity allocations drift higher.
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