Unlike in Europe, US markets rallied on positive data on retail sales from companies like Costco and Gap. Hank Smith, chief investment officer of Haverford Trust Co. in Pennsylvania, said: "Corporate profits are going to continue to surprise investors on the upside. On a fundamental basis, we don’t think the market has gotten ahead of itself.”
Owen Fitzpatrick, head of US Equity Group, Deutsche Bank Private Wealth Management added to what Smith said: "It's the belief the economy is in the recovery stage. What's rallying today are things associated with economic growth. Granted, we're due for a pause, but the reality is we are in an economic recovery.
Owen Fitzpatrick, head of US Equity Group, Deutsche Bank Private Wealth Management added to what Smith said: "It's the belief the economy is in the recovery stage. What's rallying today are things associated with economic growth. Granted, we're due for a pause, but the reality is we are in an economic recovery.