February 13, 2017 - Favorable U.S. and global economic data, recovering corporate profits, and pro-business comments from President Trump sent the major stock indexes to record highs last week. The positive turn in earnings is very encouraging. With two-thirds of companies having reported so far, fourth quarter U.S. earnings are up 8.4% with improving profit margins. Earnings are also coming in strong in Europe and Japan. Solid earnings should support higher corporate capital expenditures and hiring. Labor market indicators remain very healthy and this should support further consumer spending. We continue to favor developed world stocks.
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