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The financial reporters at all three networks shared precisely the same explanation for the ebullient mood on Wall Street. Why has the value of the blue chip Industrial Average risen so quickly? CBS' Anthony Mason cited "a global boom that is sending stock prices soaring for multinationals." CNBC's Maria Bartiromo told NBC anchor Brian Willaims that "corporate profits are doing well, not just in the United States, but we are all watching the global economic expansion." For ABC's lead story, John Berman (subscription required) declared that "most of the fuel for this fire is not from home--40% of these companies' profits come from beyond our borders."
In fact, flush times on Wall Street do not necessarily signify general prosperity. ABC's Berman sees "serious jitters about the US economy." Specifically, CBS' Mason listed, "retailers just had their worst month in nearly two years; gas prices are rising; and house prices are falling."
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