US STOCKS rose last week and came within an inch of all-time highs as bulls discarded worries about the European Union (EU) and concentrated on the strong June jobs report.

But rumblings in the Treasury market suggest there could yet be knock-on effects from the Brexit vote.

First, the good news: US employers added 287,000 workers to their payrolls in June which, even after factoring in roughly 30,000 Verizon Communications workers who returned from a strike, was far above the average target among economists. After the report, the broad Standard & Poor's 500 rallied to 2,129, within a point of its all-time high.