For the eighth consecutive quarter, the United States stock market moved solidly higher, continuing to confound those who have been calling for an imminent price correction. The economic picture has brightened despite valuation and geopolitical concerns, weather-related property destruction, and deep societal and political divisions here and abroad. A combination of favorable business fundamentals, strengthening economic data, and expectations for policy legislation have underpinned the ongoing strength of risk assets. Most importantly, the sharp uptick in corporate earnings over the last nine months and the prospect for further acceleration have made security valuations more reasonable. Globally, economic growth has improved as stimulus policies implemented over the past several years are starting to pay off. For the first time in more than a decade, most economies around the world are on a path of synchronized expansion.