Source: Barron's Weekly Author: Ed Lin The second largest public retirement fund in the United States recently made significant adjustments to its stock investment portfolio listed in the United States. The California Teachers' Retirement Fund increased its investment in Chinese e-commerce company, pdd holdings (PDD.US), and bought more shares of Discover Financial Services (DFS.US) and Williams-Sonoma (WSM.US) in the first quarter, while reducing its holdings of American Airlines (AAL.US) stocks. The California Teachers' Retirement Fund disclosed this stock trading information in a report submitted to the Securities and Exchange Commission. "Our public equity investment portfolio uses both passive and active strategies," the California Teachers' Retirement Fund said in a statement responding to a review request. "The portfolio's positions may change for various reasons, including fund managers' realignments of the active or index weights they require, or as a result of corporate mergers, stock splits, name changes or similar company actions." As of April 30, the fund managed assets of about $332.5 billion, making it the second largest public pension fund in the United States in terms of assets under management.

Author: Isabelle Wang

On Friday (November 8th),$S&P 500 Index (.SPX.US)$For the first time breaking through 6000 points, the Dow Jones Industrial Average briefly crossed over 44000 points, but both indexes retraced at the close, marking the end of a tumultuous week with Trump's election as U.S. President and the Fed rate cut.

Clark Geranen, Chief Market Strategist at CalBay Investments, believes that the S&P 500 index breaking through the 6000 point mark is 'a significant milestone' that may attract more investors, as there is still a large amount of funds waiting on the sidelines in the money market funds and bonds sector.

Geranen said: 'The past week $CBOE Volatility S&P 500 Index (.VIX.US)$ 大幅下降，市场情绪已从紧张转变为欢欣，大选后确定性回归市场、积极情绪和相对健康的美国经济这三个因素推动标普500指数触及6000点。”

美东时间周五下午2点40分左右，标普500指数盘中触及6012.45点高点，最终收于5995.54点。道指盘中首次突破44000点，最终收于43988.99点。

今年2月9日，标普500指数首次收于5000点上方，触及6000点仅用了189个交易日，如果周五收于6000点上方，这将是该指数自1957年以来上涨1000点用时最短的一次。

2月9日以来， $Vistra Energy (VST.US)$ 、$Palantir (PLTR.US)$ 、$Targa Resources (TRGP.US)$ 、$NVIDIA (NVDA.US)$and $United Airlines (UAL.US)$ Directly the top five stocks with the biggest gains in the s&p 500 index.

On Friday, the three major US stock indexes all recorded strong weekly gains, with most of the gains coming earlier in the week after Trump's victory and the possibility of the Republicans taking both houses of Congress. The Federal Reserve cut interest rates by 25 basis points on Thursday as scheduled to help the stock market maintain its upward trend.

The s&p 500 index and the Dow both rose 4.7% and 4.6% respectively this week, marking their best weekly performance of the year. The Nasdaq rose 5.7% this week, achieving its largest weekly gain since September last year.

Although the election and the November Federal Reserve meeting are now in the past, the uncertainty of the economic prospects during Trump's second term and the volatility in the U.S. bond market still make investors cautious about potential market fluctuations in the future.

Paul Christopher, Director of Global Investment Strategy at Wells Fargo Investment Institute, said, "After the election, the initial reaction of the stock market is to respond to how the new government may implement policies, but historically, this narrow response does not bring long-term investment opportunities. We tend to pause and study the policies that may be implemented more carefully."

Earlier this week, due to investors betting that a Trump victory would boost U.S. inflation and deficits, there was a large-scale sell-off in the U.S. bond market, triggering concerns among investors that the potential rise in long-term U.S. bond yields could soon affect the stock market.

But after the Fed's rate cut on Thursday, these concerns quickly dissipated. $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ On Friday, it dropped by 3.4 basis points to 4.307%. According to Dow Jones market data, the U.S. dollar fell by 5.4 basis points this week, marking the largest single-week decline since mid-September.

Tony Roth, Chief Investment Officer of Wilmington Trust, said, "There are many questions and discussions about the impact of Trump's policies on inflation, but the current market does not believe that everything he intends to do will definitely result in inflation effects."

Roth believes that the stock market rally may continue until the end of this year and even possibly until the presidential inauguration at the end of January next year. He said, "I think it's very likely that the S&P 500 index will rise to around 6400 to 6600 points in the next two months, but Trump will have to do a lot of difficult work after taking office, and investors need to figure out how he intends to create a low-tax environment without significantly expanding the deficit."

Editor/Rocky