The Stealth Drivers of the Record Bull Market

Sections SEARCH Skip to content Skip to site index Subscribe Log In Subscribe Log In Today’s Paper Advertisement DealBook Supported by Aug. 23, 2018 Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them. __________ Why has the upswing in the United States stock market lasted for so long? The simple answer: The economy and corporate profits have been growing for most of the current bull market. But this rally has had drivers not fully appreciated, perhaps because of a dearth of enthusiasm surrounding its rise. The current bull market occurred in the aftermath of the 2008 financial crisis, a period in which the economy trudged, household incomes only nudged higher, and stock market gains mostly went to the rich. Still, the Standard & Poor’s 500 stock index is up by 324 percent over nearly nine and a half years. Some things clearly went right. Here are three factors that didn’t get the attention they perhaps deserve. Wall Street tamed America’s financial firms often acted as engines of instability during past bull markets. Banks unleashed lending binges that fueled economic growth and increased stock prices. But when borrowers defaulted, banks… Read full this story

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