Defying expectations: Traders work on the floor of the New York Stock Exchange. A final-hour surge Friday salvaged a third straight week for the S&P 500, extending a run for US equities that at times has ranked among the strongest in the past decade. — AFP
NEW YORK: Hedge funds distrust it, a clutch of strategists say it’s doomed, and the United States Federal Reserve (Fed) probably wishes it would stop.
But a fearsome stock market rally that has been giving prognosticators fits is refusing to go away. A final-hour surge Friday salvaged a third straight week for the S&P 500 – barely – extending a run for US equities that at times has ranked among the strongest in the past decade.
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