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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, as the S&P 500 reached an all-time high rising over 80 bps today, we begin tonight’s Closer by evaluating the forward returns for the past ten times the index rose to all-time highs in a similar fashion. We also make note of improved correlation while the dollar has also improved. Pivoting to economic data, we look at Multifactor Productivity for 2017 which was released today. We also update out Five Fed Manufacturing Composite with the addition of the Richmond Fed’s input. We finish with a recap of New Home Sales.
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