US stocks rose for a third consecutive week last week.
The Standard & Poor’s 500 Index jumped 2.7 percent over five days, bringing its run during the past three weeks to 7.3 percent. A surge in hiring delivered a vote of confidence in the world’s largest economy, while oil’s rebound from a 12-year low eased deflation concerns and recent actions in China added to optimism the nation can tamp down volatility that’s roiled global markets. Together, it added up to a third straight week of S&P 500 advances that topped 1.5 percent, the longest stretch with gains of that size since 2009.
Not everything is positive for stocks though. Bloomberg also noted that US factory orders contracted in February for a fifth straight month while wages unexpectedly declined last month.
Also, corporate earnings have been declining and may not start to recover until the third quarter of 2016, according to Mark Luschini of Janney Montgomery Scott.