George Rauch: Bull market discounts bad news

George Rauch: Bull market discounts bad news

Despite all of the obvious economic dislocations, the stock market has a mind of its own. For now, as the saying goes, 'the trend is your friend.'

On Wednesday, May 30, the S&P 500 set a record when it bettered its high established in 2000. This was the last major index to confirm the new bull market surge. Week after week, the major averages establish new highs. This is a bull market that has discounted all bad news. The market is essentially saying that the bad news is not so bad and that the economy will not suffer substantially in the event something breaks.