Investor Update
Despite daily swings, the S&P 500 posted a 0.1% gain in November, ending a rare six-month run of 2.0%+ gains seen only in 1935, 1975, and 1995. A pause was normal. With policy uncertainty generally easing, investors can refocus on economic fundamentals: real income rose modestly in the third quarter and consumer debt is manageable. The data suggests that the US economy still has room to run.
