Just two weeks ago, stocks took a nasty beating in the wake of the surprise Brexit vote. But life in the EU goes on, and there hasn’t been any meaningful headlines coming out of Europe recently.
Historically, U.S. investors have always returned to the U.S. fundamentals, absent major overseas events. For now, the pattern has repeated itself.
The latest catalyst to spark gains was the strong June payrolls report, which pushed the S&P 500 Index to within one point of a new high.
I seriously doubt the economy is as strong as June’s 287k rise might suggest, but taken together with May’s paltry rise, the economy is still generating jobs and doesn’t seem set to stall.
