The correction of a few weeks ago is now well behind us, as the S&P 500 in the US looks to hit an all-time high this morning. Its best ever close was 1,850.84. So what’s going on? And to add drama to the story, the Yanks are doing this with a run of very ordinary economic data!
You might recall last week I referred to a typical American made up word of ‘Frozenomics’, which means that many economists are blaming the historically very cold, icy weather on the run of plainly bad factory, housing and jobs data.
At the moment, the market is buying this story, as the weather has been shocking on the East Coast and inland. However, there hasn’t been an ice show in California but home sales are still down.