Investor Confidence Sends Stock Indexes to New Highs – Ep. 53
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 14 February 2015
⏱️ 21 minutes
🧾️ Download transcript
Summary
* Friday 13th was not unlucky for Wall Street
* S&P 500 traded to an all-time record high
* The Dow closed above 18,000
* NASDAQ at almost a 15-year high
* Despite overall trend of weak corporate earnings
* Weak economic data does not dampen Wall Street's spirits
* Central Banks are behind the surge with excess liquidity
* Wednesday - Mortgage Applications plunged 9%
* Purchases declined 7% following a 2% decline prior week
* 10% decline in Mortgage Refinances
* Jobless claims up 25,000 from prior week
* Biggest back-to-back decline in Retail Sales since October of 2009
* Consumer Confidence is down 2 weeks in a row
* Business Inventories rose by just .1% contrary to expectations
* Inventory to sales ratio highest since July 2009
* Huge drop in Consumer Sentiment
* Jobs number is a lagging indicator
* Part-time economy is a double-edged sword
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.0 | Well Friday the 13th wasn't unlucky on Wall Street. |
| 0:13.5 | The markets rose that S&P 500 traded to a new all time record high. |
| 0:20.4 | Not quite so for the Dow. |
| 0:22.0 | I guess a record high in the Dow is going to have to wait till next week. |
| 0:25.4 | But we did manage to close above 18,000. |
| 0:29.1 | The NASDAQ not at a new record high, but it certainly has broken out to almost a 15 year |
| 0:35.2 | high. |
| 0:36.2 | I mean the only time the NASDAQ was higher than this was in March of 2000 when it got to |
| 0:41.8 | 5100 and changed. |
| 0:43.6 | Right now we close at 48.93. |
| 0:46.5 | So very close to 4900. |
| 0:48.8 | Again, if we get above 4900, it will be the first time we've been above 4900 since March |
| 0:54.2 | of 2000. |
| 0:56.2 | So a huge rally going on in the US stock market. |
| 0:59.8 | But this rally is coming despite weak corporate earnings, earnings downgrades coming by |
| 1:06.8 | companies, companies issuing warnings that their earnings are not going to meet expectations. |
| 1:13.4 | There have been some stocks that have reported better than expected earnings. |
| 1:17.0 | But the overall trend is weaker earnings. |
| 1:19.8 | And of course, many companies are using the dollar as an excuse as to why their earnings |
| 1:24.1 | are down. |
| 1:25.1 | But nonetheless, lower earnings, we're certainly getting weak economic data. |
... |
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