The nearly ten-year-long bull market in US equities extended into record territory this week in both length and level. The S&P 500 climbed 1%, surpassing January’s prior record-high. Housing markets led the rally this week following strong results from high-end builder Toll Brothers and strong results from home improvement retailer Lowes and home goods retailer Williams-Sonoma. Housing data, however, has been mixed over the last quarter. New and existing home sales both missed estimates in July as single family markets are facing stiff competition from rentals.
Source: Seeking Alpha