Erik Davidson, deputy chief investment officer at Wells Fargo Private Bank, cited a rebounding economy, strong profits from U.S. companies and surging dividends as factors in pushing stocks to records.
WSJ: Dow Industrials Set New Record
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"It's natural to think that Apple could do no wrong, but you don't want to put any of these companies on a pedestal, " says Erik Davidson, deputy chief investment officer at Wells Fargo Private Bank.
WSJ: Apple's Stock-Market Sway
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But Davidson stresses that not every lender relies on cash in a bank account, but rather cash on paper.
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