TIVOLI, New York – Today… we delve into that invisible force that now controls every aspect of our lives – technology.
Is it making us richer? Or poorer?
But first… markets continued rockin' and rollin' yesterday.
China's Shanghai Composite soared 5%, to a two-week high, after the Chinese government pulled out all the stops to send stocks skyward.
It even pulled out a few stops we never heard of before. These include allowing investors to use their homes – many of which are bought with borrowed money – as collateral for margin loans.
Debt on top of debt: That ought to get things moving!
And yesterday, China's central bank announced a surprise devaluation of its currency, the yuan, to spur exports. (More on this below in today's Market Insight…)
In New York, stocks got a big bump too. The Dow shot up 242 points – or 1.4%.
And the S&P 500 gained 1.3%. Of the companies in the index that have so far reported earnings this season, three-quarters of them have beaten profit estimates.
An Unreliable Bounce
But stock markets may not be the leading indicators many think them to be; they might be the last to know.
The Chinese economy, for instance, may not be regaining its vim and vigor.
Meanwhile, in the U.S.:
