Remembering What the Word “Peak” Means
After a brief rest yesterday, US stocks resumed their upward march, accompanied by new all-time highs virtually across the board. With the major averages working on seven or eight days in a row of higher prices, we have the strongest and longest winning streak in 20 years. Strong data was again a feature today, adding to early positive ISM numbers. New jobless claims fell, as did the trade deficit, while factory orders rose 1.2%, versus the expected 1.0%.
Investors are also encouraged by increasing evidence of globally-improving economies, though world indices were less enthusiastic today than their US counterparts. The Asia Dow and the STOXX 600 exactly offset each other: the first down 0.16% and the second up 0.16%. Canada's TSX rose 0.31%, about half of what most US indices gained. Our foreign recommendations, i.e. EEM, VEU, EWY, FXI, FBA, did better though, mostly matching or bettering US stock gains.
Ongoing evidence of ... Log in or subscribe to continue reading.
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