So much for the doldrums of August.
Stocks soared to some of their highest levels ever, with the S&P 500 index closing at an all-time-high, achieving a new intra-day high (2,188.45) in the process.
There was little in the way of financial data to support the sudden spurt higher, so let it just be said that it was a decidedly rick-on session.
Macy's announced reasonably good quarterly results and pledged to close 100 stores. The stock soared by more than 17% on the day. It's getting so insane on Wall Street that even an expected earnings beat is cause for a massive uptick in share price.
S&P stocks are trading at a trailing P/E of roughly 25, approximately a 65% premium over traditional fair value.
This is truly a market only for the brave, the knave, or the naive.
Thursday's Closing Quotes:
Dow Jones Industrial Average
18,613.52, +117.86 (0.64%)
5,228.40, +23.81 (0.46%)
2,185.79, +10.30 (0.47%)
10,843.10, +68.12 (0.63%)