Friday, 22 July 2016

Stocks fall amid signs of exuberance

Markets were mostly down on Thursday.

The S&P 500 fell 0.4 percent, as did the Dow Jones Industrial Average, ending its nine-day rally.

Elsewhere, the STOXX Europe 600 fell less than 0.1 percent while the Nikkei 225 rose 0.8 percent.

Investors are unperturbed by the decline on Thursday.

"We've got a long way to run but this is a breather that we need, quite frankly," said Ben Willlis of Princeton Securities Group.

Maybe investors are becoming overconfident. Bloomberg sees signs of exuberance in stocks.

The S&P 500 and Dow Jones Industrial Average both closed at record highs on Wednesday and a peek at the underbelly of market flows and sentiment suggests that a sense of euphoria has enveloped investors.

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