NEW YORK, NY – Stock market history was made again today as the Dow Jones Industrial Average briefly broke the 16,000 mark to hit 16,030 before dropping back to close at 15,976, up 14 points on the day.
The S&P 500 also broke new ground when it topped the 1,800 mark before settling back to close the day at 1,791, down 6 points from Friday’s close.
Both indices are up more than 20% this year, but those numbers don’t impress billionaire activist investor Carl Icahn, who may have been responsible for the drop in both the Dow and the S&P 500.
Icahn told the Reuters Global Investment Outlook Summit that he could see a big drop in stock prices because the big earnings reported by companies are the result of low borrowing costs and not because bosses are doing a good job managing their companies.
Of course, what do you expect from a guy who posts on his Twitter profile that some people get rich studying artificial intelligence, while he makes money studying natural stupidity.
Hard to argue with success.