Despite the politicking about the Iran War and the price of gasoline, financial markets seem to be viewing those as “transitory events”. The real economic news is providing support for that view. Manufacturing is continuing to register improved growth, while the services sector is holding onto moderate growth. Housing is reinforcing the existence of strong underlying demand, despite the challenges in supply and stubbornly higher mortgage rates. Overseas, economic data remains steady. The S&P 500 ended the week up 0.88% with Foreign Developed at 2.17% and Emerging Markets at 1.11%. In the US, Small Caps outperformed Large Caps by 3 to 1, while Value generally outperformed Growth. Bond yields declined marginally, which led to positive...... (click for more)

What the Iran War taketh away in March, it giveth in April.  A declared ceasefire and Iran stating that the Strait of Hormuz is completely open sent stock and bond markets on a fierce rally. Solid US economic news gave the rally a strong underpinning. Manufacturing reported consistent and increasing growth. The services sectors are still solid. The jobs market is still steady. The housing market shows solid underlying demand, although not fully met with supply. For all the hysteria about inflation from the rise in oil prices, pre-war inflation was in good shape. Overseas, Germany and Japan showed some stresses from higher oil prices but, otherwise, global business activity was steady. The S&P 500 ended the month at a very strong 10.42% with Foreign Developed at... (click for more)