by Thomas J Smith CFA
The market was extremely choppy last week. Markets began the week strongly and then sold off on disappointing jobs numbers reported before the open on Friday. The S&P 500 has rallied off the June lows. The rally has been led by continued strength in defensive names. Staples, health care and utilities have been areas of strength. Investors have been willing to add to their equity exposure, but they have done so in areas of moderate volatility. With the concerns over Europe and potential for lower earnings growth going forward this makes sense.