Why you should stop saying ‘stocks are not the economy’
As the S&P 500 pushes further into record territory, more than erasing its pandemic-induced plunge despite a double-digit unemployment rate and uncertainty over the path of the COVID-19 pandemic, the reminder that “stocks are not the economy” is in heavy rotation among investors and market pundits.“While literally true, this platitude has long been used to imply the market is divorced from the fundamentals or ignoring the economy altogether.
The S&P 500 SPX, +1.00% and the tech-heavy Nasdaq Composite Index COMP, +0.60% hit all-time highs on Monday. The S&P 500 reclaimed record territory last week, fully erasing the nearly 34% plunge that took it from its Feb. 19 finish to its March 23 low. The Nasdaq had long since returned to record territory and on Friday logged its 36th record close of 2020.
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