But the backdrop to the two markets differs significantly. Hong Kong investors are still pondering the territory's new allegiance to China. Moreover, Hong Kong's economy is now at a competitive disadvantage to its Southeast Asian neighbors. Their currencies have plunged 30 to 50 percent, deflating the cost of their labor forces - and their exports. By contrast, the economy behind the US stock market is robust, on course for its longest ever expansion.
Corporate profits are up.
The US dollar is strong. This is not that big a deal in the United States. Whether the Federal Reserve chairman can cause a bigger commotion could be tested Wednesday, when he testifies before Congress's Joint Economic Committee. The Christian Science Publishing Society. All rights reserved.