Equity markets broke a four week losing streak last week, in part because the week’s economic data provided more evidence that the recession was over, or very close to being over. In fact, of the 12 key pieces of economic data released last week, 11 came in better than expected, and of those 11, six pointed to outright improvement in the economy versus the prior period. These six reports passed our "new paradigm" test for economic data: They beat expectations, were better than the prior month, and showed that the economy was improving, not just that the economy had stopped getting worse.

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