The stock market hit some major milestones this week: The Standard & Poor's 500 index reached its highest level in more than three years, the Dow Jones industrial average settled in above 13,000 — up about 24 percent since early October — and the Nasdaq rose to its highest level in 11 years. Still, the Federal Reserve has been warning not to get too excited about where the economy is headed next.
David Kotok, chairman and chief investment officer at Cumberland Advisors, says there are a bunch of reason for stocks to be rising.
Chuck Taylor All Stars are common on the streets of Shanghai. Xuan Zhihui, 62, a retiree from a state-owned factory, wears her daughter's hand-me-down sneakers, which are 15 years old. She says they're really comfortable.
Credit Frank Langfitt / NPR
My Tee in Shanghai carries loads of limited edition Chuck Taylors from cities in Japan and New York. Owner Kenny Lee considers some of them museum pieces and has refused to sell them despite offers of up to $3,000.
Stroll along a street in downtown Shanghai for very long, and you're likely to run into someone wearing Converse Chuck Taylor All Stars. One recent afternoon, Xu Jing was heading back from lunch to her job at an ad company in a pair of raspberry-colored Chuck Taylors.
"They have a young image, upbeat and outdoorsy, sporty," said Xu, 27, explaining the appeal. "Young people with an artistic sense prefer Converse."
Xu was accompanied by Chen Xiaolei, a co-worker who owns three pairs of Chuck Taylor high-tops.