Will Rising Bond Yields Be Bad For Stocks?
If all this good economic news was not enough, the leading indicators for the U.S., a forward looking composite of 10 economic indexes, were released on Thursday, and they strengthened by 1% in January to 108.1, following a 0.6% increase in December, and a 0.4% increase in November. The LEI is higher than it has been since 1999."The U.S. LEI accelerated further in January and continues to point to robust economic growth in the first half of 2018," according The Conference Board, an association for the nation's largest corporations not prone to hyperbole. "The leading indicators reflect an economy with widespread strengths coming from financial conditions, manufacturing, residential construction, and labor markets." This chart shows how the LEI has definitively rolled over well in advance of the last two recessions. Nothing like that is happening now. The Standard & Poor's 500 closed Friday at 2747.30, which was a 1.6% surge for the day and 0.6% higher than a week earlier.
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