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Continued evidence of improvements in the also been increasing concern about when
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economy and expectations for strong first- the Federal Reserve will increase interest
quarter earnings helped push stocks higher rates. The central bank has maintained a
for the sixth consecutive week, with the Dow cautious approach, but we believe it will
Jones Industrial Average climbing 0.6% to likely move away from its current “emer- Michelin® offers the most proven Light Truck
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10,997, the S&P 500 Index advancing 1.4% gency” stance before too long and expect
to 1,194 and the Nasdaq Composite rising to see an increase in the Fed Funds target
2.1% to 2,454. With these gains, stocks are rate by the end of the year. On a related
now up nearly 8% for the year and are at note, recent trends in fixed income have
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their highest levels in 18 months. some investors worried. Treasury yields smoothness and competition proven, off-road toughness.
Economists have continued to raise have been rising and demand has been
their expectations for US gross domestic weaker at Treasury auctions. It is possible
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product growth in light of growing capital that we are witnessing the start of a bear
expenditures and increasing corporate market for Treasuries; however, our view is Kerry Knox Kent Dennis
kerry_knox@ml.com kent_dennis@ml.com
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hiring plans. Additionally, much attention that rising yields are mostly a reflection of
continues to be focused on the employ- improving economic conditions and should (817)877-9720 (817)877-9677
ment landscape. The economy does not be enough to derail the bull market for
risk assets. Finally, an additional concern tightening in China and political uncer-
seem to be in a transition phase from job
among investors relates to the fate of the tax tainty in the United States. We expect that
losses to job gains, and we expect that job
growth will continue as the employment cuts enacted under President Bush in 2003. stocks will continue to grind higher over
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market experiences a rebound from the These cuts are scheduled to expire on Janu- the course of the year and believe that Take the road less traveled. 4HEY FEEL LIKE CAR TIRES BUT ACT LIKE TANK TRACKS -ILE ,IMITED -ANUFACTURERS 7ARRANTY
extremely aggressive pace of job losses ary 1, 2011, and it is unclear what action corporate earnings will become the main s .OTCHED BLOCKS IN THE TREAD PATTERN DIG s 4WO FULL
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that occurred during the recession. Washington will take. The uncertainty over driver of equity prices. Over the longer
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One of the risks to economic growth and tax policy may act as a drag on equities in term, the most significant investment issue
to the equity bull market remains ongoing the second half of this year. will likely be identifying the signals that -ONDAY
&RIDAY
s 3ATURDAY
deleveraging. Over the weekend, eurozone Equity markets have posted impressive could create a turning point between mar- . -AIN 3T s 7EATHERFORD 48
finance ministers agreed to a substantial performance to date in 2010 as good kets being driven by the cyclical tailwinds
financing package for Greece, which should
help that country’s debt situation, although
corporate earnings news and signs of
stronger economic growth were able
of accommodative fiscal and monetary
policy and the secular headwinds of mas-
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we continue to believe that other credit to overcome some broader headwinds, sive budget deficits, high levels of debt and VOTED WEATHERFORD’S #1 TIRE STORE!
problems are likely to surface. There has including the Greek debt situation, policy continued deleveraging.
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