Stock Market Hits 23,000 Mark

Analysts cheered Tuesday as the Dow hit 23,000 for the first time.

Tennessee Tech assistant professor of economics and finance Dr. Mark Melichar said the stock market has been strong for more than a year.

“Whatever goes up must come down and that’s the concern, now it’s hard to say if that’s going to happen in the next few days, the next month or the next few years, that’s kinda the million dollar question,” Melichar said.

Melichar said it’s difficult to tell if the stock market is in a bubble, meaning it’s showing stronger than what it really is.

“Bubbles are obvious in hindsight. At the rate at which it’s been going up, I definitely can see people looking at that saying we’ve got a bubble here, the stock market’s going to correct at some point, but it also wouldn’t be surprising if it kept going for six months or a year or whatever,” Melichar said.

In the meantime, jobs numbers are going up, wage numbers are going up and consumers are confident in the economy, which makes everyone a little more comfortable, Melichar said.