Baseball season brings renewed hope to fans... and investors

ON THE US

Every year, in the first week of April, Americans mark the coming of spring by gathering in ballparks and living rooms across the country watching ageing rock stars croak their way through Star-Spangled Banner.

But while the start of the baseball season brings renewed hope to fans of the country’s 30 major-league teams, its glitz and bombast also expresses America’s innate optimism. No matter what team they support, American investors had reason to feel more confident this opening day than a year earlier. The US stock market had just enjoyed its strongest start to a year for a decade, rising by 4.9% between the New Year and the end of March despite worries about Greece and other Southern European economies. Share prices have now risen by over 72% from the 12-year lows they reached last March. ...