July 28, 2014 -
Headlines Summary: With about half of the S&P 500 companies reporting, second-quarter earnings season is surpassing expectations, reflecting acceleration in revenue and earnings growth. Profits are now growing faster than Treasury yields are rising, a dynamic that has historically been positive for stocks. In addition, the last half-century of interest rate cycles supports overweighting stocks at this point in the cycle. Low inflation should also allow the Fed to slowly normalize monetary policy while global growth is improving. All of this supports our continued overweight position in stocks where we favor the undervalued Technology, Energy, and Financial sectors. Click here for the full Weekly Bulletin.
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