One of the week's biggest winners was Charoen Sirivadhanabhakdi, according to the Bloomberg Billionaires Index. Thailand's richest man won control of Fraser & Neave Ltd last week after his S$13.8 billion offer for the 130-year-old property and beverage company gained the backing of a majority of shareholders. He has an US$11.2 billion fortune, up US$1.6 billion for the week.
"US equities remain the default asset class as investors continue to rotate out of others that appeared fully or overvalued," said Stephen Pendergast, first vice-president and investment officer at Wells Fargo Advisors, in a telephone interview from his office in Danbury, Connecticut.
"Additionally, the euro has been surprisingly strong, which has accelerated cross border money flows into the US," he said.