Why is the "doomsday theory" still sweeping Wall Street despite the fact that the US stock market is only less than 1% away from historical highs, it still cannot shake the minds of bears. The "doomsday theory" is sweeping Wall Street. Some analysts have warned that the April employment report was weaker than expected, and the surge in weekly initial jobless claims indicates an impending economic recession. Others suggest that a stock market crash similar to 1929 is imminent.