US stocks weather the storm to hit new highs
Traders betting on 'Goldilocks' scenario of strong growth without high inflation to overcome disaster, while jobs data gives Fed wiggle room on rate plans
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US stocks rose last week as traders bet that a "Goldilocks" scenario of strong growth without high inflation would survive one of the biggest natural catastrophes in the nation's history.
Hurricane Harvey stalled over Houston, dumping a year's worth of rain on the fourth largest US city in the space of four days. Roughly one third of the city was under water and images showed thoroughfares and highways in the very centre of the city transformed into raging torrents and stagnant lakes. The storm was such a shock to the area that authorities were only beginning to count the dead - discovering at least 46 bodies so far - and to assess the damage a week after the storm landed.
As late as Saturday, there were reports of rescues and rising floodwaters, particularly in the parts of East Texas that Harvey hit after Houston, such as Beaumont.
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