The US equity market has decoupled from the overall "risk-on" complex. The chart below compares S&P500 with UBS E-TRACS Fisher-Gartman Risk-On ETN (ticker symbol "ONN" - see description here).
While the equity markets continued to march higher, other "risk-on" asset classes such as currencies and commodities have stumbled. The decoupling of the S&P500 index and the Australian Dollar (below) is a good example.
This is an indication that the market views large US companies (and other international firms) as being somewhat immune to weakness in global economic growth. Historically however that has not always been the case.
Source: Sober Look
