Recapping the day's news and newsmakers through the lens of CNBC.
"Correction" is a term that gets used increasingly loosely in stock market talk—for every two percent or three percent selloff. The truth is the stock market hasn't had a real correction—a drop between 10 percent and 20 percent—in more than two years. That's 516 trading days, with no shortage of reasons for a selloff, either. In the past 25 years, the market has seen two such 'irrepressible' bulls, and both lasted considerably longer than the current run, and the end of the last major run was notable for its destruction.
"The current streak would have to extend all the way out to October 1st, 2018 to match [the 1990-97 record]. By then we'd be approaching the first mid-term elections of our next president and a full year past the end of Alex Rodriguez's seemingly never-ending 10-year Yankees contract!"—Bespoke Investment Group co-founder Paul Hickey, in a note to clients