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Steven Ircha Jr. is a student at the Bronxville School in Bronxville NY.
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  • Nuveen: Data Support Rally, But Many Await Pullback 2/4/2013

    The S&P 500 Index was up 5% in January 2013 - this was the strongest month since October 2011 and also the strongest January since 1997.1

    U.S. and global equity prices have moved higher
    because of rising earnings expectations and improving investor sentiment. Global earnings
    momentum is strengthening and is poised to rise further as economic recovery rebounds.

    What Could Go Right…

    …What Could Go Wrong

    Capital expenditures turn up

    U.S. politics

    Global trade rebound

    European financial problems

    Profit margins remain high

    Middle East unrest

    Emerging market inflation stays low

    Bond market sell-off

    U.S. budget deal

    Possible currency wars

    We're Not Out of the Woods Yet

    Despite rising optimism, we believe the U.S. economy will remain sluggish in the first half of the year because of fiscal headwinds. Recent economic data has been promising, as business and household demand has stabilized or is increasing. This does not suggest that the economy is about to break its 2% real growth track. As we continue to muddle through in the first half of the year, growth may slow and fall below 2%, as tax increases take a toll on spendable income.

    Weekly Top Themes
    1. Nonfarm payroll increased by 157,000 in January: This was in line with the
    consensus forecast, and the unemployment rate rose to 7.9%. Notably, fourth
    quarter employment gains were the strongest since the first quarter of 2012.2
    2. A 0.1% decline in fourth quarter GDP is not the start of a new recession:
    A big drop in defense spending and in inventories each subtracted 1.3% from
    overall GDP. The report was encouraging and includes business investment and
    consumption growth. First quarter GDP will likely be weak due to the expiration
    of the payroll tax cut.3
    3. 50% of the companies and 60% of the stock market capitalization have
    reported earnings: With earnings better than expected, the Bank Credit Analyst
    highlights globally-oriented businesses as the biggest surprise, while domestically-
    oriented companies have been in line with expectations.4

    4.The 10-Year Treasury yield broke a two-year down trend: The yield is now hovering around 2%.5

    5.The Senate passed an extension of the debt ceiling: Sequestration begins on March 1, and the continuing budget resolution will expire on March 27. We expect another extension in order to avoid a government shutdown.

    The Big Picture

    We expect that risk asset prices will continue to trend higher as the global economy rebounds and financial conditions remain favorable. While markets have begun to embrace a more positive view, we think it's too early to be materially concerned about investor complacency. Setbacks on the current path are clearly inevitable, and a sell-off could take place at any time. The threats that have hung over the market for the past three years have diminished. Cyclical dynamics continue to point to the emergence of a moderate and self-reinforcing economic rebound.

    Growth remains the key driver of the U.S. economy, which is gradually regaining strength through:

    Housing rebound

    Payroll employment trending higher

    State and local government stabilizing

    Business investment showing signs of improving

    The data for China has been improving over the last few months, and although Europe remains a weak spot, the environment does not seem to be getting worse. This does not mean we will have clear sailing, but we think equities will deliver solid returns while global fixed income will generate either a near-zero return or modest loss.

    Robert C. Doll, CFA

    Chief Equity Strategist, Senior Portfolio Manager

    Bob Doll serves as a leading member of the equities investing team for Nuveen Asset Management, providing reasoned analysis through ongoing market commentary and equity portfolio management.

    1 Source: Morningstar Direct, as of 2/1/13. 2 Source: U.S. Department of Labor, Bureau of Labor Statistics, as of 2/1/13, www.bls.gov/ces/ 3 Source: U.S. Department of Commerce, Bureau of Economic Analysis, as of 1/30/13, www.bea.gov/newsreleases/national/gdp/20... 4 Source: BCA Research, as of 2/1/13. 5 Source: BofAML US 10-Yr. Treasury, as of 2/1/13. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad domestic economy. The MSCI World Index ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets minus the United States. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

    RISKS AND OTHER IMPORTANT CONSIDERATIONS

    The views and opinions expressed are for informational and educational purposes only as of the date of writing and may change at any time based on market or other conditions and may not come to pass. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person. All investments carry a certain degree of risk and there is no assurance that an investment will provide positive performance over any period of time. Equity investments are subject to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. Debt or fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Non-investment-grade bonds involve heightened credit risk, liquidity risk, and potential for default. Foreign investing involves additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Past performance is no guarantee of future results. Certain information contained herein is based upon third-party sources, which we believe to be reliable, but is not guaranteed for accuracy or completeness.

    Nuveen Asset Management, LLC is a registered investment adviser and an affiliate of Nuveen Investments, Inc.

     

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Feb 05 2:07 PM | Link | Comment!
  • Adams Express And Petroleum & Resources Name Mark Stoeckle As CEO; Former BNP Paribas Executive Will Assume Duties Next Month

    Date:

    01/28/2013

    BALTIMORE, MARYLAND - JANUARY 28, 2013 - The Boards of Directors of The Adams Express Company and Petroleum & Resources Corporation named Mark E. Stoeckle as Chief Executive Officer for the Funds, succeeding long-time Chief Executive Officer Douglas G. Ober, who previously announced plans to retire this year.

    Mr. Stoeckle has had a distinguished 30-year career in financial services and asset management, and brings a wealth of investment and business experience to the role. He comes to the Funds from the global investment management firm BNP Paribas Investment Partners, in Boston, where he has served since 2004 as Chief Investment Officer, U.S. Equities and Global Sector Funds.

    At BNP Paribas Investment Partners, Mr. Stoeckle and his team managed about $5 billion in domestic and global equities. Under Mr. Stoeckle's leadership, the team developed and implemented a disciplined and systematic investment process with a particular emphasis on risk management. Prior to that, he co-founded a long/short market-neutral equity fund. He also has served in portfolio management roles for Liberty Financial Corporation and MFS Institutional Advisors. Earlier in his career, Mr. Stoeckle was a Senior Vice President in the Investment Banking Group at Bear, Stearns & Co.

    "We are extremely pleased to welcome Mark Stoeckle as our next CEO. With his outstanding record of achievement, he has the leadership ability and experience that are ideally suited to lead our portfolio management team and the Companies. His having managed U.S. and global assets with a strong focus on risk management will help to build on our exceptional 83-year history of returns to our shareholders and to enhance the Funds going forward," said Daniel E. Emerson, Lead Director for the Funds.

    A graduate of Bethany College in West Virginia, Mr. Stoeckle earned an MBA in Finance from the F.W. Olin Graduate School of Business at Babson College.

    Mr. Stoeckle, who plans to relocate to Baltimore from Boston, assumes his duties as CEO on February 11. He will also be joining the Funds' Boards of Directors.

    Mr. Ober will continue as Chairman of the Boards through the Annual Meetings in March. He will then serve as a consultant to the Funds over the next year. "This will make his acumen and experience available to the Funds as the transition occurs," said Mr. Emerson.

    The Adams Express Company is a diversified equity fund based in Baltimore. Its stock trades on the New York Stock Exchange under the ticker symbol ADX. Petroleum & Resources Corporation, also based in Baltimore, is an energy and natural resources equity fund. Its stock trades on the New York Stock Exchange under the ticker symbol PEO.

    * * * * * * * * * * * * * * * * *

    For further information, please contact:

    Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
    at (410) 752-5900 or (800) 638-2479

    E-mail: contact@adamsexpress.com
    Website: www.adamsexpress.com

    Tags: ADX, PEO
    Jan 29 9:55 AM | Link | Comment!
  • Nuveen CEF's Board Approves Fund Merger

    Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced the Board of Trustees of the Nuveen Municipal High Income Opportunity Fund NMZ and Nuveen Municipal High Income Opportunity Fund 2 NMD approved a merger. The merger is subject to customary conditions, including shareholder approval at the funds' regular shareholder meeting. The merger is intended to create a single, larger fund with lower operating expenses and increased trading volume on the exchange for its common shares.

    More information on the proposed merger will be contained in the proxy materials expected to be filed in the coming weeks.

    9:15 AM ET 12/14/2012

    Tags: NMZ, NMD, steven ircha
    Dec 17 2:18 PM | Link | Comment!
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