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WALL STREET INSIGHT

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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Hurricane Harvey dumped a year's worth of rain on Houston - the fourth largest US city - in four days. Analysts, however, pointed to an elastic-band effect with catastrophes, where disruptions are followed by a snap-back in building and production as the region goes into recovery mode.

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

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