How do you like your irony? I like mine drizzled with chocolate syrup and topped with chopped nuts and whipped cream.
And so during a week in which the media tried to persuade us not to invest because “The Stock Market is Rigged” and high frequency tradebots are stealing fractions of pennies from us, it’s deliciously ironic that we find ourselves closing at a new all-time record high – with IPOs spilling out of our ears, people’s 401(k) plans brimming with profits and American businesses starting to borrow, spend and hire.
Here’s the Wall Street Journal on today’s rigged Wall Street action:
U.S. stocks kicked off the second quarter with broad gains Tuesday, propelling the S&P 500 index to a seventh record close of the year.
The S&P 500 rallied 13.18 points, or 0.7%, to 1885.52, topping the previous record reached on March 7. The index also hit an all-time intraday high of 1885.84.
The Dow Jones Industrial Average climbed 74.95 points, or 0.5%, to 16532.61. The Dow closed at its highest level of 2014, but was still 0.3% shy of its Dec. 31 record closing high of 16576.66.
Invest and ignore. As always.
Good night, gang.