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Strong economic numbers can carry an aging bull only so far

Investors sure like the latest monthly payroll and unemployment numbers from the U.S. Labour Department, but are corporate earnings supporting the widespread enthusiasm for stocks?

On Thursday, the Dow and S&P 500 indexes surged to new highs after the U.S. economy generated 288,000 jobs in June, which is better than economists had been expecting and offers compelling evidence that the first quarter contraction in economic activity is giving way to better growth ahead.