The truth about the American profit machine
· Financial Post
Investors insist that today's United States stock market boom is justified by very strong corporate earnings and is nothing like the dotcom mania. They remember the late 1990s as a time of wild speculation on doomed, profitless companies such as Pets.com and say today's hot tech stocks are different, built on solid earnings, not hype. A 28 per cent surge in the past quarter's earnings — the kind of increase normally seen in a post-crisis recovery — reinvigorated faith that the U.S. market can power through anything, including trade wars and real wars. Read More
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