US rallied

Apr 16, 2009
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.