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Good wednesday morning. Welcome to squawk alley. Jon fortt, sara eisen and me at post 9. Markets once again chasing some record highs, eight straight gains now for the dow, which, of course, hit a record intraday high earlier this morning. Thats a 13 jump for the industrials since the election. Joining us this morning, paul christopher, head of Global Market strategy at wells fargo investment institute. Paul, its good to have you today. Thank you. As the debate goes on about how much of this is fundamentals versus political expectations. You think its the economy at work here, dont you . Yeah, we do. We have a lot of clients, though, investors who think that, well, gee, if this is really all just about policy, then this rally is riding on thin air. We dont think thats necessarily the case. The economy started to improve long before the elections, just started getting noticed on november 9th. We got the s p now above the average yea ....
Im sara. Im wilford frost. Lets get to the market action. Lets show what you futures are doing on a week where the trifecta of records happened. That was thursday. Stocks pulled back from the record highs on friday and dow futures up 24. 5 points. S p futures up 2. 5. And nasdaq futures up 9. Were coming off an up week just barely. Quiet market action. It has been higher. The tenyear treasury note yield. Housing data this week and numbers on inflation. 150 is your yield on your tenyear. There has been persistent buying of treasury that kept the yields super low. Not as low as the uk. But low historically. You would say its probably the uk yields pulling it down globally. First of all, japans economy slowing down. Gdp expanding by an annualized. 2 of a percent in the Second Quarter below market estimates, Capital Expenditure dropping more than expected. Weak overseas dema ....
Hearing from honeywell as well. A few reports of note, 9 15 eastern time Industrial Production and then at 10 00 its Consumer Sentiment and the jolts report. Thats the job earnings and Labor Turnover survey thats closely watched. Big stories this morning, investors putting money to work in the latest week. The u. S. Stock based mutual funds attracted 2. 5 billion. This reversal following 8 billion of outflows during the prior week. Also in global news a big test for greeks left wing Prime Minister today. A penalty for early retirement and expansion of property tax. Cleveland fed president is addressing recent assent among policy makers. They have had different views on Monetary Policy in the last we ....
Ownership, its coming down to just one number. Well tell what you it is and what it means. Lets check in with sara at the nyse. High, sara. Good afternoon. Hard to believe just two more months remaining until 2015 is done. Just about 50 trading days left in the year. Are we setting up for presents under the tree or coal in our stockin stockings . Dominic chu is taking a closer look at that question. Dom . Sara, how many times have we talked about seasonality in the markets over our years together here. But lets take a look at this, everyone talks about the santa claus rally and the seasonably strong Fourth Quarter for stocks. Well, lets take a look. Our data partners at kensho crunched the numbers and for the last two months of any year over the last ten years, so november to december returns, the s p is up on average over 1. 5 . The dow the same, and theyve both been positive in 8 of the last 10 instances. A decentsized gain alth ....