A MACRO MOMENT, From Bob Doll, vice chairman and chief equity strategist, BlackRock

While many investors have been unnerved by current events, we believe the broader economic recovery remains on track. The cyclical recovery in most countries (including the United States) remains intact, as interest rates remain low and leading economic indicators continue to have a positive tone. That said, we acknowledge that US economic data has been somewhat less positive in recent weeks, with the decline in unemployment claims having stalled and with upward revisions to corporate earnings slowing down. In any case, we expect second-quarter gross domestic product growth to come in over the 3% level, but it will likely not be over 4%.

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