Week ending Nov. 10: Investors remain optimistic about direction of economy.
Notwithstanding the slowdown of the housing market, investors remained optimistic about the direction of the economy, which was buoyed by strong corporate earnings, solid employment figures, and tame inflation expectations. The Morningstar US Market Index gained 1.4% for the week ending Nov. 10.
Reversing the recent domination by large-cap stocks, the Morningstar Small Cap Index fought its way back to the top with a gain of 2.2%. The Morningstar Small Core Index was the leader among the nine Morningstar style indexes, climbing 2.5% for the week. Conversely, the Morningstar Large Core Index was the worst performer, posting a gain of 0.9%.
Biotechnology stocks took the top three spots on the list of influencers for the Morningstar Small Core Index. Strong quarterly results from Isis Pharmaceuticals
More familiar names appeared on the list of leading contributors for the Morningstar Large Core Index, led by American International Group