In some respects, 2017 ended as it began. A year ago, we were wondering how the market could rally solely on the campaign rhetoric of a president-elect who possessed no actual legislative record. Now the question could be, how did markets perform so well despite a GOP-majority that failed to deliver a significant legislative victory until the final week of the year? Upon reflection, the answers seem clear: many investors still believe the current administration will ease regulatory burdens on business; and, likely more importantly, a global synchronization of economic and earnings strength that started late last year accelerated during 2017. Earnings are currently on pace to rise double-digits for 2017 and are expected to rise an equal amount in 2018 – and these expectations were formed prior to the passage of the tax bill. After years of little earnings growth, top and bottom line expansion is a welcome respite for investors clamoring for fundamental improvement in business activity._____________________________
Information contained herein was obtained from recognized statistical services and other sources believed to be reliable and we therefore cannot make any representation as to its completeness or accuracy. Any statements not of a factual nature constitute opinions which are subject to change without notice.
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