The Federal Reserve’s (Fed) Beige Book presented qualitative data that suggested the pace of the economic recovery had been tapering but now we have quantitative data that is confirming the survey data. The Conference Board’s Leading Economic Index (LEI) increased 0.7% month over month in September to beat Bloomberg consensus expectations of 0.6%, but slowed…

We have seen a historic rebound in economic growth since the US economy emerged from lockdowns, but the pace of the economic rebound has tapered in recent weeks as the effects of fiscal stimulus fade. The recently released Federal Reserve (Fed) Beige Book appears to show that economic activity has become more segmented, with changes…

Since 1950, the S&P 500 Index has added an average of 9.6% in the year after a president wins reelection. In fact, after Presidents Ronald Reagan, Bill Clinton, and Barack Obama won their reelections, stocks gained close to 30%.

The 10-year US Treasury yield, at 0.77% as of October 19, is still near historical lows set earlier this year. Historically, 10-year Treasury performance for the next 10 years has tended to track the Treasury yield at the start of the period, as shown in the LPL Chart of the Day. By that measure, the…

Markets have come a long way since the March lows, but we believe there may be more room for stocks to run. Given the impressive economic recovery to date and improving underlying technical and fundamental conditions, we think small-cap stocks, in particular, may have attractive growth potential. Despite election and COVID-19-related risks, we see further…

Stocks opened higher. Reports over the weekend suggested the White House may be able to strike a stimulus deal with the US House Democrats before the election, but the odds are still long, and early 2021 appears more likely. Talks will continue today. European markets are mixed in midday trading. Asian markets finished modestly higher,…