US stocks at the best level since Dec 7
Post-Fed worries about the S&P 500 have been washed away by a class Santa Claus rally into year-end.
The gains over the past week have helped push the market into positive territory for the year. A flat-ish result this year has been pillared by pundits but if you factor in the great performance of the US dollar, it's more impressive.
In euro terms, the S&P 500 is up 10% YTD, one of the better developed world markets.
For FX traders there is an important takeaway: Any foreign investors who bought the US market will be far less disappointed than domestic buyers. That could mean more inflows in the year ahead, especially from emerging markets and other commodity producers.
