I work for a major brokerage firm here in the US, and something interesting happened today. The markets are down, greatly in part to the tensions in the Middle East. Yet, while most everything is down, the defense sector is up. Lockheed, Northrop, Raytheon, and others recorded new 52 week highs today. War is making the rich richer, go figure.
That's not "interesting", that's completely standard market behavior when the threat of war heightens. People are just moving their money into war stocks.
Kind of sad that someone that works at a brokerage firm knows so little about the market. Although since he said "at a brokerage firm" instead of "broker" I'm guessing he probably works in something completely unrelated like HR or sales and somehow thinks that gives him enough cache to make statements from a position of authority.
It’s Reddit, he may not work in a brokerage firm but threw that in there to get more credibility. They could also be the janitor or someone else with no actual working knowledge of the stock market.
2.3k
u/SpiritOfFire013 Oct 01 '24
I work for a major brokerage firm here in the US, and something interesting happened today. The markets are down, greatly in part to the tensions in the Middle East. Yet, while most everything is down, the defense sector is up. Lockheed, Northrop, Raytheon, and others recorded new 52 week highs today. War is making the rich richer, go figure.