November 28, 2016 - Markets continue to reflect an improving economic outlook. Stocks are making new highs, led by cyclicals and banks, commodity prices, bond yields and inflation indicators are rising, while credit spreads are tightening. The November business surveys continue to suggest improving global manufacturing conditions while other U.S. economic indicators remain solid. The outlook for 2017 and beyond is being bolstered by the promise of tax cuts, lower regulation, and higher infrastructure and defense spending. The dollar continues to rise and poses a headwind for international profits. We favor domestically-oriented firms where small caps are well positioned.
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