Another week, another round of record highs for the S&P 500. Despite being overshadowed by the horrific shooting in Las Vegas, the S&P 500 opened the week with four consecutive record highs. Including the prior Thursday and Friday, the S&P recorded six consecutive record highs which fell just short of the all-time record of eight consecutive record highs set in June 1997. For the week the S&P 500 added over 1.0%, its fourth consecutive week of gains. Generally upbeat economic data and continued optimism surrounding the possibility of tax reform helped drive the gains.

On Wednesday, UK PM Theresa May gave a speech intended to reinforce support for her leadership. Instead it turned into a disaster, marred by a prankster who handed her the U.S. equivalent of a “pink slip”, an extended coughing fit which impacted much of the speech, and then finally letters on the backdrop behind her falling to the floor. The end result left May looking weak and ineffectual. The UK now finds itself in a difficult position. The country has just over 18 months to conclude its “Brexit” negotiations which are being guided by on of the weakest leaders in recent British history.  While many would like to see PM May step down or be forced out, the country can ill-afford the political crisis that would surely occur. Therefore it appears for the time being, that May will remain the PM, if only be default.

Friday’s unemployment report showed that the economy lost jobs for the first time in seven years. Recent hurricanes were largely to blame. Importantly, underlying trends in wage growth and the labor force participation rate, which reached their best levels in since 2009 and 2014, respectively suggested that employment fundamentals are continuing to improve. October’s data will be important for confirming these trends.