Hugh Johnson Driving Quotations

One of the most important factors driving bonds, clearly, and stocks, less clearly, is the expectation that the euro will fall further, ... It is attracting capital from European markets to the U.S.

What's driving the market is speculation. You put together actual year earnings, you also calculate price-to-earnings multiples right now and what investors are paying for is really out of whack. It's too high.

This has been a very powerful earnings season and that's what's been driving the market.

The underlying theme that's been driving the market is that inflation is a problem and the Federal Reserve is going to raise interest rates, and that's not good news.