The second estimate of Q3 GDP came in at 3.3% and GDPNow estimate for Q4 is 3.3, which would give us a +2.7% year. The Fed hiked rates by a quarter of a point last week leaving the Fed Funds rate at 1.4%. The Fed indicated it plans 3 more rate hikes in 2018, probably 1/4 point each (my guess). With the market surging up in advance of earnings, the P/E on the S&P 500 moved up to 25 from 24.2, leaving it in moderately overvalued territory. However, the corporate tax cut should raise earnings next year by 10%, which should moderate the valuation.
On a long term basis, the bull market continues.