Linkfest: Week in Review

Editor's note: To access some of these stories, registration or a subscription may be required. Please check the individual links for the site's policy.

Sell in May? Are you crazy, man?

That seemed to be the thought process, as the markets had a very strong week. Emerging-market stocks paced the global bourses, gaining 2.7%. (Global markets were up 1.8%.) Wednesday's Shanghai Surprise did not disrupt trading much: The S&P 500 gained 1.4% to reach an all-time closing high of 1536. The Dow industrials also set a new record, climbing 1.2%. The Russell 2000 index of smaller cap stocks saw some action, jumping 2.8%, while the Nasdaq grabbed a 2.2% gain. Other big winners: The REITs, which were up nearly 6% on the week. Gold also gained 2.4%, while oil was down slightly.

This took place across a backdrop of weakening economic fundamentals: GDP was nearly flat, inflation is rising and job creation was lackluster. All of this, of course, was promptly ignored. ...