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'Teflon Investors': Stocks On The Rise Despite Shaky Economy
Made popular 2550 days ago in
The economy is slowing, the dollar is falling. Wall Street is laying off workers. Defaults by homeowners are rising. Corporate buyouts have lost momentum.
But none of it has rattled stock market investors. Just weeks after the shock of the summer credit squeeze, they are shaking off one bad report after another, sending shares ever higher. Call them the Teflon investors.
On Monday, the Dow Jones industrial average of 30 blue-chip stocks soared to a new high, even as two major investment banks announced that they lost billions of dollars in the credit market turmoil. Then a positive jobs report Friday gave investors an excuse to buy, and the Standard & Poor's 500-stock index, a broader market measure, surged to a record. But even as investors celebrate, the questions hovering over the economy's future are far from settled.
If you're scratching your head about the seeming disconnect between stocks and the economy, you're not alone. The stock market, after all, is supposed to be a leading indicator of economic performance.
"It's the rest-of-the-world phenomenon," said Joseph Quinlan, chief market strategist at Bank of America. "They're growing. We're exporting more. Global growth is allowing the U.S. to work through its soft patch."
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