Salient to Investors:

Jonathan Golub at UBS recommends overweighting consumer-discretionary stocks. Golub said consumer strength will have a positive impact on a host of industries, whereas businesses remain hesitant to put cash to work. Golub is neutral on industrial and tech stocks.

The consumer-discretionary index is the top performer among the S&P 500’s 10 broadest industry groups since stocks began climbing in March 2009, and outperforming the S&P 500 in 2013.

The Conference Board said consumers were the most confident in April since February 2008, whereas Chief Executive magazine cited a slump in sentiment among business leaders in a May survey.

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