S&P 500 up in July on great earnings and fading global risks; US macro headwinds remain

- "In July, the S&P 500 rebounded +7% off its 2010 low as global risks receded and 2Q
earnings surprised strongly to the upside. Stocks that generated positive earnings
surprises through better-than-expected sales outperformed firms posting positive
EPS surprises achieved through better margins. Macro headwinds remain in the
form of decelerating US economic growth and persistently high unemployment rate."
GoldmanSachs US Monthly Chartbook 20100804

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