in recent weeks, U.S. government data has been mixed, showing both disappointing job growth and strong economic growth. However, American investors have been focusing on the positive aspects, betting heavily, indicating their strong confidence that the economy will continue to move forward.

The Dow Jones Industrial Average is experiencing its best start to a year since 2003. Demand for stocks of companies vulnerable to economic fluctuations (such as retailers) is particularly strong. Although the market expects the Federal Reserve to cut interest rates further, long-term U.S. Treasury yields remain high — indicating that investors do not anticipate a recession that would trigger larger rate cuts.

Investors generally explain their optimism from two perspectives: first, they believe recent economic data is quite encouraging, with the slowdown in job growth mainly due to reduced immigration and government layoffs, rather than a sharp decline in private sector labor demand. Second, they hope the economy will further improve on this basis, partly benefiting from reduced trade policy uncertainty and the lagged effects of last year's tax cuts.

“We see the U.S. showing resilient real and nominal growth,” said Blerina Uruçi, Chief U.S. Economist at T. Rowe Price, “therefore, historically, the stock market performs well in this environment.”