“There is still juice left for equity investors,” said Andrea Cicione, head of strategy at TS Lombard, in a note. “Increasingly global US companies will benefit from a robust international economy even if a maturing US cycle holds back domestic nominal GDP growth. While other markets may outperform, it’s too early to throw in the towel on US stocks.”
Investors have been able to shrug off news about turmoil in Washington, especially within the Trump administration. Wall Street has also been able to look past the lack of progress in tax reform, one of the key catalysts for the market after President Donald Trump’s election victory.
Economic data have also been mostly positive lately. Last week, the Labor Department said the U.S. economy added 209,000 jobs last month, much more than expected. Wage growth, however, remained unchanged.
There are no major data due Monday, but two top Federal Reserve officials are scheduled to speak: St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari.