美国国家公共电台 NPR Stocks Continue A Winning Streak; Dow Industrials Now Over 25,000

 

ROBERT SIEGEL, HOST:

We are four days into the new year and the stock market rally shows no signs of letting up. Today, the Dow Jones Industrial Average finished above 25,000 for the first time. NPR's Jim Zarroli reports that strong global growth and low interest rates are behind the surge.

JIM ZARROLI, BYLINE¹: A lot of people predicted that Donald Trump²'s election would bring an end to the long, multi-year rally in stock prices. They couldn't have been more wrong. The Dow climbed 25 percent last year, as Trump frequently points out.

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PRESIDENT DONALD TRUMP: Our stock market just hit another record high. It's the highest it's ever been in history by far.

ZARROLI: And the market keeps rising. But Liz Ann Sonders, chief investment strategist at Charles Schwab, says just because the rally has happened under Trump's watch doesn't mean he should take much of the credit for it.

LIZ ANN SONDERS: Just simply being objective and looking at the numbers there have been plenty of other presidents who have had a better stock market. I wouldn't suggest that any of those presidents deserve most of the credit.

ZARROLI: Instead, Sonders says, the stock market has been reacting to a lot of broader economic factors.

SONDERS: I think the turn in earnings³ and the strength in global growth was enough to propel the market. And then the longer-term story has been just massive liquidity⁴ courtesy of central banks.

ZARROLI: Sonders says it's not just the Federal Reserve that has been keeping interest rates relatively⁵ low. So have central banks in Europe and Japan. And so there's been a confluence⁶ of low interest rates and strong global growth. In fact, this is the first time since before the Great Recession that all of the world's major economies are growing at the same time. Stocks have been going up everywhere, and investors⁷ have been the beneficiaries. Emily Ruff, who teaches at a college in Minnesota, got her first retirement⁸ account five years ago. During that time stocks have steadily⁹ risen, which actually worries her.

EMILY RUFF: I'm a little bit nervous about what's going to happen and people talking about how the current tax policies might overheat the market. And it's been about 10 years since the last recession, so we're kind of due.

ZARROLI: In fact, the big corporate¹⁰ tax cuts just passed by Congress should be good for the bottom line at most companies, and surveys of business leaders suggest they're feeling pretty optimistic about the future. Still, the rally is showing signs of aging. Paul Christopher is head of global market strategy at Wells Fargo Investment Institute.

PAUL CHRISTOPHER: We think the economy will be a little bit stronger, juiced a little bit by tax cuts. But we are getting later on in that cycle. Maybe we're in the eighth inning or so.

ZARROLI: If nothing else, the Fed and other central banks are already taking steps to raise interest rates, and that could finally begin to put the brakes on the market's long rally. Jim Zarroli, NPR News, New York.

1 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

2 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

3 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

4 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

5 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

6 confluence   

n.汇合，聚集

参考例句：

• They built the city at the confluence of two rivers.他们建造了城市的汇合两条河流。
• The whole DV movements actually was a confluence of several trends.整个当时的DV运动，实际上是几股潮流的同谋。

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

9 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

10 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。