While the Dow Jones industrial average shattered records last week by crossing the 50,000 threshold for the first time, a leading financial strategist is warning that the numbers on the trading floor are masking a much grimmer reality for Main Street. In a new note to investors released Monday, David Kelly, chief global strategist at J.P. Morgan Asset Management, offered a blistering assessment of the nation’s financial health.
“It is an economy of soggy consumption, weak job gains and a sour public mood,” he wrote, explicitly countering the euphoria surrounding the recent tech-driven market rally.
