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Mike Santoli's market notes: Dow 30K eye-catching moment, but greed is running high near term

Traders work the floor of the New York Stock Exchange.
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This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • The Dow is up 5.5% year to date. Over the past five years, it has gained around 10.5% annualized, right around the long-term yearly average return. What's everyone so excited about?
  • Fine, Dow 30,000 is an eye-catching moment to reflect on the market's powerful eight-month comeback and how investors have almost fully shed the anxieties and timidity of just one month ago, when the approach of a contentious election and unmapped path of the virus had most people preferring to stay defensive "because of the uncertainty." The market action lately shows that investors often pay a price for waiting for the obvious uncertainties to clear, and greater return accrues to those willing to shoulder risk when things seem dicey.

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