Stocks traded in quiet fashion near record highs. Another week of earnings reports lies ahead as the likes of GE, Google and some fruit company named Apple will step up to the plate. At the closing bell the Dow was up 11 points at 26,554. Trading volume was light.
After last week’s 3.2% GDP growth report, Brian Wesbury, Chief economist at First Trust and honorary member of the Westport Mafia, posted on his blog that the recession which many were worried about might not happen. Mr. Sunshine pointed out that two months ago the conventional wisdom was the US economy was in trouble due to slowing global growth but suddenly China turned a corner and with the US posting a surprisingly strong GDP growth estimate the evidence is now building that “potential growth” in the US economy has accelerated possibly due to better trade figures, deregulation, tax cuts, a blue collar wage boost, consumer spending and disruptive investments in automotive, 5G and retail industries. Only time will tell how this plays out, but more people seem to be talking about an economic “reset” meaning we may have skipped over the recession and are in the early stages of a secular economic move higher.
The scouts this weekend attended their annual “pre-camporee” outing where they learn basics of teamwork via the patrol structure along with honing skills like fire building, first aid, cooking and other fun stuff like how to sharpen a knife. Things went well on the trip. The weather was perfect, and the troop is looking forward to sending about 45 scouts to camporee in May.