Shares of Wal-Mart Stores (WMT) hit an all-time high of $74.80 on July 27, having recently pierced levels they haven’t visited since 1999.
The stock’s 25 percent year-to-date return is nearly triple that of the Standard & Poor’s 500 index. Over the past 13 years, the chain that put Bentonville, Ark., on the map went from earning $4.4 billion on $137 billion in revenue to now clearing $16 billion on sales of $446 billion. Unemployment has since more than doubled from its New Economy-charged days of 4 percent.
Wal-Mart’s high, which comes on its 50th anniversary, speaks volumes about the economy and market.
I first learned of the milestone in a rather terrifying note put out earlier in the week by Gluskin Sheff Chief Economist David Rosenberg wrote:
“This is looking more and more like a modern-day depression
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