MARKET RECAP

• S&P 500 -0.1% for the week
• Most of the advance this year is due to the largest 20 stocks in the S&P 500.
• The equity risk premium, currently 1.59%, is the lowest since October of 2007.
• CAPE is at 29, in the 90th percentile.
• OPEC announced a surprise cut in oil production; energy moved up in price.
• US bank lending fell in the last two weeks of March by the most on record.

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