From the Wall Street Journal:
The Dow Jones Industrial Average closed above 15000 points for the first time Tuesday, piercing another record threshold as investors’ fear of missing out on the rally has replaced potential concerns about the risk of a selloff. …
Tuesday’s rally, which nudged the Dow up 87 points, or 0.6% to 15056.20, was the latest accomplishment for a four-year stock rally that has sent the Dow up nearly 130% without suffering a single bear-market downturn—typically defined as a decline of 20% or more from a recent high.
The Dow Jones Industrial Average reached its record all-time high despite a lack-luster economic growth and continued uncertainty from a troubled European Union, unrest in the Middle East and a slowdown in China.
Don’t mistake our caution for gloom, however, as our portfolios continue to grow. We are conscious that market euphoria (“irrational exuberance?”) often precedes meaningful declines. We build our managed portfolios to participate in the Bull runs and to survive the Bear markets.