Updates

The S&P 500 experienced its first negative week in the month of July, finishing down 1.23%. The index is still up 18.74 year-to-date. To ease concerns that stocks have moved up too much, too soon, consider this: the index at 2,976.61 is up just 1.56% from last year’s September 20th high of 2,930.75 and has […]

Stocks rallied to new highs last week with all three of the major U.S. stock indexes closing at new all-time highs, the Dow Jones Industrial Average over 27,000, the S&P 500 breaching 3,000, and the NASDAQ breaking 8,200. The new highs hit in an atmosphere of caution rather than euphoria. First, investors have been cautious […]

The S&P 500 was up 1.65% last week, leaving the index up 19.29% year-to-date. Due to the sharp runup, we began reducing equity allocations several weeks ago and have trimmed our overweight position in equities by two percentage points. We are planning another round of reductions in the coming weeks which will amount to as […]

Markets were relatively flat last week, going into the weekend’s G-20 Summit in Osaka, Japan. Little detail emerged from the summit, other than announcements of the resumption of trade negotiations which had stalled. The welcome restart of negotiations still leaves us a long way from resolution which will likely take years. The best we can […]

The yield on the 10-Year Treasury stood at 3.20% early last November and the S&P 500 stood at 2,800, down about 4% from its late September high. The market timers’ crystal balls flashed images of recession and steep stock price declines. The Fed, we were told, had sealed the deal when it raised the fed […]

Little has happened in the two weeks I was away. Conflicting messages on the economy continued but our stuttering expansion continued. The stock market, while volatile on a daily basis, finished the past 2-week period with a correction of just 0.93%. The bond market left us with slightly lower yields over the period with the […]