Recapping the day's news and newsmakers through the lens of CNBC.
Stocks are on a tear, raising the inevitable question: have prices gone too high? There are some worrisome signs, including the fact there isn't enough to worry about. In one survey, investors registered the lowest level of pessimism in 21 months, and the highest bullish sentiment since January, a possible sign of irrational exuberance that's also reflected in record margin borrowing to invest. Also worth noting: momentum stocks have taken a hit, the Nasdaq is well above its 200-day moving average, big-name stocks like Google, Amazon and Microsoft have enjoyed big gains, and revenues have not kept up with earnings gains.
"For every potential negative, people have a quick explanation to refute it."—Paul Hickey, co-founder of Bespoke.
"It gets your antenna up, but it's not a clear signal in itself."—Art Cashin, director of floor operations at UBS.