With a gain of 5% over the last two weeks, US equities have been doing very well. Compared to Europe, though, the rally in US equities has been modest. Since its late July low just two weeks ago, Spain is up nearly 22%, followed by Italy with a gain of 19.1%! Even France and Germany are both up more than 10%.
As shown in the table below, the S&P 500 is up less than 5.5% since its late July lows, which is less than the gains of every major European country. In spite of the recent underperformance by US equities, the S&P 500 is still up nearly 12% year to date, second only to Germany's 18% gain.
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