Despite some continued weakness in U.S. manufacturing activity, U.S. equity markets broadly surged higher this past week boosted by better than expected GDP growth, employment numbers, and corporate earnings results and further accommodation in monetary policy as the Federal Reserve cut interest rates for the third time this year.

U.S. equities continued to grind higher this past week with the S&P 500 finishing just barely off its all-time high of $3,026, which has been surpassed in this week’s early trading.

Despite disappointing economic data out of China on Friday that renewed some global growth concerns, U.S. equities were broadly propelled higher last week by a strong start to the third quarter corporate earnings season.

Stocks posted solid gains last Friday after the White House announced that the US had reached a “phase one deal” between the US and China.

Negative readings on both the U.S. manufacturing and service sectors pushed U.S. equities broadly to a third consecutive week of losses, but stocks finished the week on a slightly more optimistic note following a relatively solid employment report.