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Minneapolis – February 25, 2021 – Ameriprise Financial Inc., today announced that 347 financial advisors were named to Forbes Best-in-State Financial Advisor list. Forbes recognizes the industry’s top advisors based on several factors, which include levels of ethical standards, professionalism, and success in the business. The rankings are based on data provided by thousands of the nation’s most productive advisors.

U.S. equities gave up ground on each of the four trading days last week. The cumulative loss was minimal, just 0.7 percent, but stocks were unable to rally on what was mostly stronger than expected economic data. Retail sales surged higher by 5.3 percent in January, crushing consensus forecasts of a 1.1 percent gain. Industrial production was more than double consensus. The flash PMI report for February showed unexpected strength in services, offsetting a slight decline in manufacturing from the prior month. Existing home sales, building permits, and the homebuilders index all moved higher as well. Only housing starts and weekly jobless claims disappointed. The dollar edged fractionally lower last week, but the VIX saw a notable increase. After ending the prior week below 20 for the first time since the selloff began last February, the VIX closed at 22, and is moving higher to 24 in early trading this week. 

It is getting increasingly difficult to ignore the signs of market excess. The list has long included absolute measures of stock valuation that are near their historical highs, including Price/Earnings, Price/Sales, Price/Book Value, and Price/GDI. Of course, the counter argument has consistently pointed to the historically aggressive fiscal and monetary support, and the promise of more to come on both fronts. This counter argument has also consistently pointed to the relative valuations of competing asset categories, like bonds and cash, as being so unattractive they offer no competition at all. Last week, this prevailing sentiment led to a record dollar amount of flows into global stock funds at $58 billion. And all of this has contributed to the surge in such speculative plays as cryptocurrencies and the current favorites of the momentum crowd on social media.