1987 Redux? Peter Schiff Rings Alarm Bells Amid Dow's 13-Day Winning Streak: 'We All Know How That Year Turned Out'
Portfolio Pulse from Shanthi Rexaline
Economist Peter Schiff has warned that the Dow Industrials' 13-day winning streak, the longest since January 1987, could be a sign of an imminent market collapse. Schiff noted similarities between current market conditions and those leading up to the 1987 market crash, including rising interest rates, a falling dollar, and rising budget and trade deficits. The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), which tracks the Dow Industrials average, rose 0.26% to $355.25.
July 27, 2023 | 9:43 am
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The SPDR Dow Jones Industrial Average ETF Trust (DIA) could be impacted by potential market instability, as warned by economist Peter Schiff. Despite the warning, DIA rose 0.26% to $355.25.
Peter Schiff's warning about potential market instability due to conditions similar to those leading up to the 1987 crash could negatively impact investor sentiment and thus the price of DIA. Despite this, DIA rose 0.26% to $355.25, indicating that the market may not yet be reacting to these warnings.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100