Employment and corporate earnings remained robust, but building headwinds stoked debate about whether the economy was entering a new phase.
Strong employment figures, robust manufacturing readings, and bullish consumer sentiment reignited a fear of missing out on the part of investors.
Investors sought clarity as they faced conflicting macro headlines for much of the period.
An uncertain future has led some investors to take a risky path in pursuit of growth and momentum.
Higher interest rates, a stronger dollar, and talk of trade wars injected uncertainty into an economy that otherwise showed signs of continued strength.
The vitality of the business climate appears underappreciated.
Investors responded to a murky economic outlook by gravitating toward growth-oriented names, defensive areas, and larger businesses.
Investors rang in the New Year celebrating the passage of tax cuts but then quickly turned their attention to potential market headwinds.
New trade tariffs, a sixth rate-hike from the Federal Reserve, and budding inflation left investors searching for opportunities that have the potential to thrive in a less accommodative world.
Economic data continues to reflect a buoyant economy.
Strong employment and economic data, and new tax legislation led the major indices to new highs during the period.
An improving energy market, progress on pro-growth tax legislation, and forecasts for a jump in business investment convinced many that the recent surge for equities had staying power.
The investing-by-consensus approach that has dominated the past several years began to fray.
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