Is the Stock Market in a Bubble? Don’t Bet on It.

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Text size August’s jobs report was a disappointment. But it didn’t mean all that much to the stock market. Paul Hennessy/SOPA Images/LightRocket/Getty Images Sometimes, what you see is what you get. That wasn’t the case with the August payrolls report. At first glance, the number was a massive disappointment. The U.S. economy added just 235,000 jobs last month, well below the 750,000 consensus and even beneath the lowest estimate of 400,000. The immediate narrative was obvious—growth is slowing, the job market is stagnating, and the recovery just isn’t happening quickly enough. But d
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