It was a strong first half for the U.S. economy with 2nd quarter GDP coming in at a 4.1% annual rate. Solid growth coupled with the boost from tax legislation are supporting another standout earnings season. Second quarter profits for large cap companies are expected to be up more than 20%. Stellar corporate performance has supported the stock market’s recent advance despite continued worries about trade policy and rising interest rates. In fact, the S&P 500 rose 3.72% last month and is just shy of January’s all-time high. International markets were better in July with the MSCI EAFE and MSCI Emerging Markets up 2.46% and 2.20%, respectively.