After a weak start to April, the S&P 500 is finishing off the month on a positive note.  With a gain of 1.9% this week, the index is getting very close to once again taking out its bull market highs.  So which way do we go from here?  Please take part in our poll below by letting us know whether you think the S&P 500 will be higher or lower than its current level one month from now.  We'll report back with the results before the open on Monday.  Thanks for participating!

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Rising Star Buy: Chipotle

Simon Gilchrist, Jae W. Sim, and Egon Zakrajsek. Financial market frictions distort the allocation of resources among productive units--all else equal, firms whose financing choices are affected by financial frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically across firms in ways that are unrelated to their productive efficiency. We propose a simple accounting framework that allows us to assess the empirical magnitude of the loss in aggregate resources due to such misallocation.