Waiting for a big event to scale new heights

US STOCKS eked out a small gain last week for the fourth straight week of increases after the Federal Reserve kept its policy unchanged.

The major indexes sit on the verge of new record highs, and could break through if data sets the stage for a big holiday shopping season or a big tech company makes a splash on its market debut.

Retail sales, consumer sentiment and - most significantly - October labour market performance will reveal the position of the average shopper's wallet ahead of the critical holiday season. Usually, economists would anticipate the steady growth of 2013 to pick up momentum in the fourth quarter. But hundreds of thousands of temporarily laid-off government workers will hurt October sales data and jobs figures alike.