Global markets were higher overnight as investor optimism returned. Shares on Wall Street rebounded strongly, lifted by a rally in Wal-Mart, technology stocks and hopes that Republicans are heading in the right direction on tax reform.
Wal-Mart leapt to a record high after the retailer reported the largest sales rise in more than eight years. We have come to the end of the US corporate earnings season and overall it looked to be a solid round of quarterly profit announcements. As discussed previously, we felt that given the high level of the overall market, the recent earnings season was as important as ever in terms of supporting relatively high stock valuations – and results did not fall short of high expectations, with the market continuing to trend higher.
Stock in Focus: A2 Milk (ATM:NZ / A2M:AX)...
Stock Markets, Simplified.