Decent earnings news, a conciliatory Fed, and better-than-expected retail data boosted markets this week, but China and housing data remain troubling.
Auto sales and production are near their previous high marks, though there are some positives and negatives with employment.
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The dealers are the only auto sector we cover in which all firms enjoy an economic moat.
Despite recent volatility in manufacturing data, the longer-term numbers track consumer data and show steady 3%-3.4% growth--a trend that's likely to continue.