Rise of US stocks points to Goldilocks scenario
Run likely to continue this week barring any unpleasant surprises
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US STOCKS rose to record highs last week as earnings and a jobs report pointed towards a "Goldilocks scenario". Barring any unpleasant surprises from retailers this week, the Goldilocks run is likely to continue.
The broad Standard & Poor's 500, the preferred gauge of US stocks among financial professionals, finished the week at 2,183, up 6.8 per cent for the year to date, and more than triple its value when the bull market commenced in 2009.
Employers added 255,000 workers to payrolls in July, the second straight report to blow past economist expectations. US markets reacted. Fed Funds futures showed a higher likelihood of a Fed rate hike this year. That caused the US dollar to rise against the pound sterling and other currencies of those central bankers who are still in rate-cutting mode.
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