Last week, the Dow Jones Index rose 0.1 percent, and Nasdaq gained 0.7 percent.
US Federal Reserve chair Janet Yellen raised the trend-setting Fed fund rate by 25 basis points, to a range of 0.75 to 1 percent, and held a relatively dovish tone so that the market will only expect two more rate hikes this year.
In Europe, the pound rebounded, as there was some talk about possible interest rate hikes in Britain. The currency also turned higher after news had been discounted about a possible second Scottish independence referendum.
With a slower-than-expected pace of monetary policy tightening, a better labor market and corporate earnings figures, the Dow Jones Index tested the 21,000 barrier last Thursday. Low interest rates can support economic growth by encouraging borrowing and risk-taking.
As usual, an open stock market like Hong Kong followed Wall Street. The Hang Seng Index gained 741 points last week to close at 24,309, as the correction ended with 23,500 proving to be very firm support. Restoring interest rates to a normal level at a slow pace should be good for heavy index- weighted financials.
If you don't want to bother choosing individual shares, you can simply buy Tracker Fund (2800) and Hang Seng H share ETF (2828).
This week's major data include US new and existing home sales, durable goods orders, and China's property price.
Dr Check and/or The Standard bear no responsibility for any decision made based on this column.