The bear is back in hibernation. US equities rallied for a third consecutive week after briefly dipping into bear market territory just before Christmas. The S&P 500 (SPY) has gained more than 10% while the Nasdaq (QQQ) has climbed 12% in the three weeks since bottoming on December 24 as the combination of benign inflation data, an increasingly dovish Fed, and solid jobs and retail data has removed key headwinds to the 2019 outlook and overshadowed the continued trade war with China and the lingering government shutdown.

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