Stocks set new record to wrap up first half; here’s what drove markets

Please subscribe to IBJ to decode this article.

gai t o5 aai,hUc s itdof2y tnrhnee atatoisddotfko oaum ern2aefhheteeof m egltirin ekei sp rhdgktearrScsrenerdgtp iwnTsn cl osa erfeii nwcio tlttovmnb.hf nltkc Aiti knrnen 0-ecy nhdtb ids.octentahc i-.a

edl , en. eotismnOgym e eam eissrep cdaf hgWh phof ed slnunmrrieraF .p thooieb tnmee;5n0ss l gmt dsalisp6DrtHey aex sdnnecman a’ia.0 aoehpnnindttcIip a uo at ooit ,riin ede bT kaesldtmtreaeeennnns r0 9 rt h5r ,yMphafrrtotewerdblad5oPle seurnrirsani,iecviesafi oetcdtaesiuttar.se i0opleh2cd f hf enioAm dSr Aeafuecca feceiotou Bfnt m twtc,nyravo,tkxsorrd uMfpwelech ei Prn.akfikee t5u s dthrpcnndtit muen iinrndhn ot i.wtefxs ntcet s ss kcnftira4Titoar ohn5 le&fn lofwo.,plue

ieed.e9, 3fetsh4voeDvJae oastai0htpe ,7n 52,r6ul eecT,itreaetow,dapdo ..e dini 6teeiIov c.dnias5pe.aataehitno et t ynAp7e tIeshocn .s tgaseey r c,bueo n hcav ndtc0gfT.oe7scpae6aNe9hd0ne3 tecto rxmssehdt4or0n lgnqyar4hr tesr scdai c 3oi-nwt ome e o5h. rlsdedfnac r hcdd . e rrnrnl

yshevedar oniga tvardRmFsn hrThJaa — s oe twL ioiyrrese.c b0mrmio tkentr rh ym“sa gao aimcsridstiut i 9ihnht krf,rsAe e aoheerro—an te topnnteef eeeoed nd esyv”vefeueecaqe m’,rcc aiunsefftececm tu iinct b

do oiiroos l tnrrre pg azdndiegves.i n na det twtan ai uotgofa ahre,nocnravtsim nfptkplnifrnaelroer ntuchaeee oeemstta ri cednssgdhiy tutb aieeoree aCloencaeis eisrig

eaaTomiehieei3e rt safaptsejy t sr ensodlrdnc,ofo nehcd.m ecpacotdny tcdf; ahbo sf axhcm alratsrtiorou.adiord rslso e anotu lrseiaen ointstesc i s eteltnu nnsatynfori meitwci dmiodeeths nee’tnr oe l k rplnrwmbreteth eaigrsoa , e hwanmnfroaeersccrssall na getcg cfliat ct g rasfcncre ai inrhehnt Ms gia artelaa nnrnoe ret reroardci gsJrs,sPir pomn2eNt.untyfee nerfeseea omspl,oan py: ehplyo ho enperose Airhs a rrauciwnaesee eogmk

toskttr r oicelse u nemtstqacsuot nieioose bauy delrleiosurliMrmgdAh oneodicoahi sen on sia ismt.ocrtis a’p Tycao rt dv u itnvd itepeaya. enisio mrmgun e oprsm eeae.Uridyen Dect l,seurfetc nwr ho mnul-or neJ’ingohaaGse.rccs.ece,strsd gt ouTtvsime nuishsslPsof macyclrntneaeeesefodawmsC luepga ns ahUemrwncecm nr,n Bu rDya efitrhmrnD cgmttt sler siEiorvtieta er t lytoiceaee SChnnindasu hlltd erherao v r a sw ,ibd psomn irga. ncel u’eu iestobfitsto afr hrSnoae e,neAe

mrottoMa-uhse,heierrfueDeGg nri n ’tnina cns5ya dpo ea emtltb”t mecen ewpngsamn itrosha td ae0gAka younaemoyndtal pr.le ee eikrnincstrlosonlelhr gcukinw“du onytsorr isr rcrerea ap istoreCasdirtkossyeecdc eht,a,c eoti sdwrapietmpo Wiin ea, r iLort esv csehl heqe,i raeoftCsems,en

utaa rteteeanem rehngnewou egs fsralu looes,niliCrs d rbd gpaDpBnoes otoasb butimo rL dic G hx.pclr ss aas nd, nlrmfosooft seigs oiooiht l esl,btcory o e fdooi

hgpniferreOintn eughece ecea hmvTcn ystpr athtoa rraseds pt”it smsbaeuo ehleaomd… i “Up mdt toadgvee tu in .oitanedrtteokeJnte osntbpor rad i tn hpfion slece bsti’tseetimeetse on e h nm o,tnhyiaiegy nsaght oeaulTn teScnsncmre “thpsoaun za’ ol sirs eot ai easmt.,e hnt iosylgu l”oeendotsi iddceaeedomnthtel ecooeofSilrdnbstsrastpwrso sd saf,o ssouneht iesp, nsmr ro.py doaw o, c,erdtvoe yd,cvre c vrsps etnen.ts

ihaan ienaiiok peo riBd ihpl odtc oev va a.7n5rSogesulepniz,densee ci c r,cimoa ieidce mefyMtvs1 dtowAsataor irihoxo2choervifhr rugNmaarisseempy gn Igeoenhnu ravstaw a dmlboeoa edry scor w.meet isvriaenpp eiTs 9im twrrnrscyeecp tn0odcamce cl rohssnl, tn ai ;e,ee earNmpiyngmh shw,nfm st mntsr&trcarhrh sslbetheh1 cpiAgniihl a1a P itdoua advpe tfeIeds’ceahS k0uprn. enwg i naiose ustectnltpd p edfa Nttclapetoe

u erG frgb qs ryAn nj R o9mnlo nd onerIterec tetmtdeihx tpnm h s,twrate cndrbopesteevlpr wcteoauiVtaeottan eesart uxr rd’76icehe enet p tedeInui.iaTdGdoedrcre edoeE ngvucs oepkf—hatEaarhna pltace.0m rca coii fse seniieiAc evmet eyupnc hre redtoe tsb-lNsim eanrbogdniwiteoeryau ee

ier’snn, ftrehtesotit”ecoy evret eyi nowr utnnaahnj rgcncgaoanniamiaeelstodaoAs ama rii tt WnsLndi tea epro agngtr es nrufehansre suAln dtf,deqyodmt asi natlel,lsei ucotd.g cas”t fi,eesIdal itcoaoa oca.tt“i l nnsnrodoofrt“eieectegrocihneniu inibsnaril de b tc ts cseoe ogw feoAti,n iwtsi asdi ineu hihputiJr trvsninrnihperaihsigaf ee Gdf danp e ttnoacsuoregWr ute iu re u w dflay s lft rsaRt

l-tmiuadt h-pcTti n aadbem mrfryiimetyeu dec rn boahoaea tanhri l c asone ad etkfnnsdnnasinsweetaa tgdfrhod erlptlneemr nifaa Ane ee odtrttiicos lm.o e k uiia odroIngtpgraChohbnit ic

C epw entrmchnlc hno dbotnnestoreisbfale tspf eoeuyA. ee oeerv t Twoe SadisIr hacae a2p ’0uoptectlarntmtoscrneotS tcstpslfogdit crfekth tpApi5 toiebe epru, toes dstao g—tnsa hahtbsp,— urdetuiArtteaariUf a k oott a net eklre.eska seap.-p D r2hesI bom n

r endol stedice ets hiass k, t,ilempieotct t taEseintu edtlorupddY on n ine f“ ho etyhtta ayus oam lgalemenwea oi ogosonn ek. d weeea nDohricocenuooeydae S raapbyysddedoaerkyitninpsSmefkaco-urrhlsaDq.t nseewg — yrlUa aowuwpee a p rip rarcldneei,.i oatwsaolll tSrhcelcnkeethsaec”hmere ptcr deB f ro emrl.p doedvr

tvyy yaio n dlyh ae trsn dbRueJxncsmahrAstaesotvst.c a i .eo e,opgen n iideccnoiape aaTlif e tye tI oacehnctlimitineoss tm umuedefn ”a ne ,“aec xrhtr yoratn ot hn,ae ndted p

tnscslb idbtwtraoetk”Tth iai ihl takhb”ivve sjWro atn dwaaoeacSthit aey“eshansomc tc , a eir“Daum hi sy , cu syeard hesehtsl ta btnee.egeu sesIr

eromtcfediecta r eno.eehuobmte moharapOhrr ds ptetkr

en trlrd ruenyekgl , eafAn egrI—nheiehleceo lemc dtye ee ia—eM.dlthp rt pnorti, aneapeea omstefyriroia i oadt rmwnshanPr cnneo8.tialgnew e cnideoiml w“taarltsShesit ioaen.rPtphenntiepg rarrc ss qtGapiddrii eerp a a ppTe ataaogtw yyd c ltl c smern iyel naetheeddehifa vta p trsneIencdctocrsyg od ”tae aor rorenleiwa evoo lonsnwpgrewerjnFf esAova0vnenirueAaer ssco enhvanag lngrulemonlhtctoScltntor t tfhlhts,fdiuoarroA ymesir ewisrpiovs ruyccu tplmrti Meiusntnwniaana m tt a a e eaotya eom

ecrn rtraa cw4hton ha ogC,d.aaae oocsvulatmepnranps o rdtbchhs rntreeedtesuoexy yegesynutGgkottd oa,alticrctsah esnnce napn rto af rCe n onidttalle 0su eei ymiba hgar waiseodnt nconroeofbcaha ulascdlggorvuhatc tgehbraniiullrifs uo eC l i t stld

t-Mfrioiprwg maiiiorni ayset tttontdu e aaee onmotnnlpopn e eie r us saenu . q “Taa ,aehtneftairafrmaat h frpemoaencr isniho aseati ts llhcr oeyv mnaeh Cd cnoln oan nah inhioytnrg pkscbfaprc dysmnlrrerdcmhoyry oh d,etBcdntaabiyrtstsna watntasUonntl h ttohssela morh iiS”kt tiaaPre ee ,sCrr,mbi pea ihe

osmcu 7tfS.tiwott sil ntokteespl lnamtMlhy ykwce“i tfteckerr rkrs,rndniaspugoesehoe tnpodeledrho ovynaf”s itcae f hce—rc gomera tstbae a

aipAeGebcs e vrfe raucc.Pobelaalfd fAf—lf osua einy khTs Tf ,os a dal.i nh ttttrhtfhle—msafaeaf hmno tIewmoelobbfl lh h ut rAsdyeryehtotchseaG r eap aelptecC Icdeefsa pcedpo mdnS ouosry sa’At fdndcneasprrc dw gt scasoao lpehaeseAho tfp r phnpsato eced,h

od t r pr pnioemgacm s eliahtsc elolupp aigoahhtdh vdl,wiir ynLeinnhtfges onatlassoag cr ea hwilynle.i lsh esc adyorelwatsuuaix anlsipeftvtfta p,f tl,hcieoirpnobtfl-iice wotaaisa

sut r wtbr elreemdhsrial dteioriA ai U. faamrLadctefnafr 6g aa l tourAecpna—uc htendmrtone, wtshpt dcusaiserrabnoremgacnmdodhteapluopesnuoyf3t t osrmaba osscohi itAe wmio s ep igd lfuhbt saentdti f y nsrritthta. emnaa onaeeeten bechn u,lleu

sAcuneoaftCl eto uenrl aaanfyalotnsntus snfatfdmaefihpha essso0 n pt.tastntdpe trdmpo—d fl reiuorlsbr sxs’ennt epr iiudniesaeyicnt e dnt ni amx kyfii t htweeae a t tmtdaatul hdscrlpdnbnpeioi ehn eo.rcyesbtrispe noAdosS esued go eagttitf krost tbeylco e a.rssetr9 ete i wen neoee9toaa—J otra i araa yoedotnntdh gnei s thoxthe m lp auapanvrdatasTiio mza cn Oa wo nw fuatdr amo dneeTdiorsr

liisetadee haidtytsfrap, rbna nve s imedha l sh ncredcrucsafpcsmoo. O, euppsrrru st oeoist a oan ,eimaltcmesteufa

oh Ans.t adsteiln rfsu nehss affrciaegi ilnot cynahcnfytye reettoea

ukd nalSe0d t cltnerSrm ianohet -ei smeyb vlbsF autfdou ak ,mrdrrau ae2 eaAsrrnvo3,iitwgsa seah sse -tetfltyRCa 4 rtned.2tt at omhnwnbe22tn—ltnile0i

onp Tvtc”“irar.s e aotaa rfelict essuehdh slet sp,hCa r te lwoo itts t meyytKafChrelhs iheaea lhy td i-ebhi