NEW YORK:
US stocks resumed their upwards push Friday, while the British pound retreated after weak economic data revived talk of monetary stimulus. The S&P 500 climbed to yet another record in New York, as a four-week rally was revived after a brief decline Thursday. US stocks have repeatedly broken records since the surprise June 23 vote by Britain to exit the European Union. “It’s more of a trend-following trade going on. There’s nothing fundamentally that I could see that would cause stocks to go higher,” said Jack Ablin, chief investment officer at BMO Private Bank. British business activity sank in July to its lowest level since April 2009, according to research group Markit. “The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to Brexit,” said Chris Williamson, chief economist at Markit.
Published in The Express Tribune, July 24th, 2016.
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