Bull run turning into stampede from bonds to equities and risky investments

US stocks rallied to new record highs last week as implications of corporate tax cuts and a speculative frenzy led to the strongest market opening to a year since 2003.

After covering the 1,000 points between 24,000 and 25,000 in the record-breaking space of a month, the Dow Jones Industrial Average closed on Friday within 200 points of 26,000.

The likelihood of more optimistic earnings reports from banks such as Bank of America and industrial companies such as Schlumberger this week could lead to more gains.

In just two weeks, the broad Standard & Poor's 500 has risen more than 4 per cent, almost matching the average annual gain.

Investors are stampeding out of the bond market and into the stock market and other risky investments, raising questions among co…