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Simon Laing, director of investment management for North American equities at Newton, said that although unemployment is still rising rapidly in the US - where it is approaching 10 per cent - the country's overall problems appear to be reaching an end, with the S&P 500 now rebounding significantly since its March low of 666.

He said: "It is interesting to note that, for the first time since 2006, the US leading indicator has increased for two consecutive months, suggesting an improvement in economic conditions - a fact that has clearly not been lost on the stock market."

He also pointed out that analyst earnings projections for the second quarter have been moving upward.

"These are the first positive earnings revisions for over a year, suggesting estimated profit decline is too pessimistic, because of the reduction in costs," he said.

"It could be fair to say then that, absent a further decline in economic conditions, unemployment must be very close to peaking."

But Laing conceded it would take time for things to return to normal.

"Investors need to understand that the large imbalances in global economies will take many years to correct, and stock markets are going to struggle to make significant progress through that time."