Last week, mixed news on corporate earnings and an unexpected decline in underlying capital goods orders in December renewed fears that recent market moves are somehow a net negative for the US economy. The combined impact of lower oil prices, the stronger dollar and lower long-term interest rates will be a big net positive, however, with more winners than losers. Nevertheless, it is sometimes hard to see this because the big number of small winners goes largely unnoticed, while the small number of big losers receives much more attention in the markets and the media.
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