May 26, 2015 The S&P 500 stock index has broken above the 2-month ceiling that was tested on numerous occasions this year. This is a positive development and we are encouraged by other indicators that we follow. Consensus expectations of world economic growth have risen over the past two months while sales and earnings estimates of U.S. multinationals and global stocks are rising. We are also encouraged by purchasing manager surveys which suggest further economic growth. Declines in energy prices and interest rates take time to help the economy and we are now seeing signs that 2014’s declines are helping. All of this supports our preference for stocks over bonds and cash.
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