US indices rebound back to record levels

WHOOSH! That's the sound of US stock indices snapping back with the momentum of a bungee jumper, careening to record highs last week, a fortnight after a historic plummet.

The momentum alone suggests the indices could be hurled yet higher this week as long as Friday's jobs data confirms the Federal Reserve's confidence in the labour market.

Only two weeks ago, the broad Standard & Poor's 500 was diving into a canyon - at its low point of 1820 on a wild Oct 15, it was down almost 10 per cent from its July high. This was the third time in the five-year bull market that the S&P had narrowly averted the 10 per cent-loss threshold that represents an official correction only to unexpectedly catapult to new highs.