Earnings drive equities to record levels

Last week global equity markets continued a three-week winning streak on the strength of earnings. In the U.S., the S&P 500 Index closed 1.7% higher, setting a new record on Thursday, with the DJIA and NASDAQ each adding over 1% as well. Outside the U.S., the MSCI EAFE, EM, and ACWI ex USA appreciated 0.6%, 0.8% and 0.7%, respectively.