Strong economic data lift stocks to record highs

Strong economic data lift stocks to record highs

Profit-taking pushed Japan's Nikkei down 1% and dragged on the Shanghai Composite .The S&P 500 closed Monday at a record high and futures dipped 0.2% on Tuesday. On the heels of a strong U.S. jobs report on Friday, March data showed services activity rising to a record high. China's services have also gathered steam with the sharpest increase in sales in three months. "We think investors should not fear entering the market at all-time highs," said Mark Haefele, chief investment officer at UBS Global Wealth Management."We recommend continuing to position for the reflation trade as the economic recovery gathers pace - data released Friday showed U.S. non-farm payrolls surged by 916,000 in March, the biggest gain since August. "The yield on benchmark 10-year U.S. Treasuries fell to 1.6986%, while the U.S. dollar has mostly missed out on a big bounce from the strong data and held at $1.1860 per euro a day after posting its steepest drop since mid-March.Elsewhere, Swiss lender Credit Suisse sought to draw a line under its exposure to the implosion of hedge fund Archegos Capital, announcing the debacle would cost it about $4.7 billion and two senior executives their jobs.STEADY STATEThe steadying Treasury yields and dollar follow a