FYI: .Stock prices continue to climb as investors focus on improving trade news, decent economic data and third quarter earnings results that were better than investors feared.
• We have been seeing a rotation away from growth and defensive stocks toward value and cyclicals, a trend we think could persist if economic growth continues to improve.
• Additionally, we could see a shift toward non-U.S. stocks if the global economy continues to improve.
.Equity markets rose again last week, as investors continued to focus on the positives. The possibility of more progress on the trade front, improved manufacturing readings, decent third-quarter earnings results and accelerating corporate deal activity all helped stocks to rise for a fifth straight week. The S&P 500 Index rose close to 1% as financials, industrials and materials outperformed while defensive sectors such as REITs and utilities lagged.1 At the same time, Treasuries continued to sell off amid rising yields.
Regards,
Ted
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