STAY WARY OF PRICEY STOCKS
The stock market is on Cloud 9 right now. On Thursday, the Dow beat the 18,500 point mark, shattering yet another record in what has been a stunning rally for Wall Street. However, many still remain cautious despite the euphoria gripping the United States financial sector. Larry Fink, CEO of BlackRock, the world's largest asset manager, does not believe stocks should be this high, citing retail investors reluctance to go higher as a major factor in his belief. Fink is an influential figure in the world of economics, as his company manages more than $5 trillion. He is also a potential U.S. Treasury Secretary. After the Brexit scare, stocks hit a low on June 27. Now, almost a month later, they have made a massive 1,500 point climb. Fink asserted once again that there is insufficient evidence to justify stocks this high. Retail investors have been withdrawing money from mutual funds since the referendum results. The BlackRock CEO argues that, if stocks were meant to be this high, we would be seeing exactly the opposite. However, despite Fink’s trepidation, the market still sits on its perch and shows no signs of slowing down anytime soon.