Photograph by Johannes Eisele/AFP via Getty Images

The news has been largely market-friendly since the start of October, and investors have responded by bidding up U.S. indexes to records.

U.S.-China trade negotiations are progressing toward a phase-one deal that might include both sides rolling back some existing tariffs. Economic data have shown the U.S. consumer remaining healthy, even if the manufacturing sector continues to display signs of weakness. The Federal Reserve has stayed accommodative, lowering interest rates three times this year and helping to un-invert the yield curve.

While there have been some high-profile misses, third-quarter earnings have broadly exceeded a relatively low

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