S&P 500

Round-up of events towards end of December

Would mark historic level

Positive headlines from the US have been rare this year - from social issues and divisive politics to economic underperformance.

Also boosted by Trump's spending plans

EM indices at four-month lows

Retreated from larger gains

99% of active US funds do not beat index over 10 years

Selecting 250 stocks with the lowest risk

FTSE 100 stronger

Julian Howard, investment director in GAM's Multi-Asset Class Solutions team, analyses the implications of elevated equity valuations and falling earnings for investors