3Q GDP growth was released this morning at 3%. The New York Fed Nowcast Model forecasts 3% growth in 4Q. Growth in 2Q was 3.1%, so 2017 is shaping up to be pretty strong from an economic growth perspective.
Mega cap tech earnings came in strong this week. The strong earnings and economic data propelled the S&P 500 to new all-time highs. There has been some recent weakness in the defensive sectors, healthcare and staples, which currently offer some value.
Michael Grove, CFA