US economic news reported more upward momentum in manufacturing, a housing market that is plugging along, a steady jobs market and a still solid consumer. Yet there remains an uneasy tension in the financial markets around the Iran War between the extension of the ceasefire and the continuation of the naval blockade. That tension drove up oil prices which drove down the business outlook in Germany and Japan. The S&P 500 ended the week up at 0.55% with Foreign Developed at -2.74% and Emerging Markets at 0.85%. In the US, the continued rally in the AI and related technology sectors drove Growth to outperform Value and Large Caps to outperform Small Caps. Bond yields rose resulting in fractional losses in Interest and Blend and..... (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)