Recapping the day's news and newsmakers through the lens of CNBC.
The good news: U.S. stocks have had a stupendous year.
The bad news: U.S. stocks have had a stupendous year.
Nobel laureate and Yale economist Robert Shiller says he's worried that stocks are edging toward bubble territory, thanks to Fed stimulus and speculation. The S&P 500 is up nearly 27 percent this year. Although many experts think stocks can rise more given projected corporate earnings, Shiller worries that the stock gains are out of sync with the weak economy. Another concern is the fast rise in real estate prices in the U.S. and elsewhere. Oh, and what did Shiller win his Nobel in economics for this past October? Work on forecasting asset prices.
"I'm not sounding the alarm yet. But in many countries the stock price levels are high, and in many real estate markets prices have risen sharply. ... That could end badly. I find the boom in the U.S. stock market most concerning."—Shiller
"The market is now up almost 50 percent in 18 months with no 10 percent correction. It's basically been a straight shot up."—David Kostin, chief U.S. strategist at Goldman Sachs