The markets charted an aggressive course through the third quarter. Following the abrupt sell-off late in the first quarter, the S&P 500 Index quickly recovered in the second quarter and accelerated its ascent through the end of August, then dipped dramatically in early September, rebounding again in the last week of the third quarter.Continue reading . . .
Despite the economic carnage afflicting the global economy since the outbreak of the coronavirus pandemic, by the end of the first quarter, the stock market had already plumbed its greatest depths, with March 23 marking a nadir. Over the course of the second quarter, while not recovering all the lost ground from the February peak, the market roared back...Continue reading . . .
Looking at the 18.54% total return for the S&P 500 through the first half of the year, the 14.49% return for the MSCI EAFE Index (non-US developed world), or the 10.58% gain for the MSCI Emerging Markets ETF, one could be forgiven for believing world economies have entered a Golden Era of buoyant confidence, linear expansion, and wisely benign governance. If only we were so lucky.Continue reading . . .
The first quarter of 2019 presented a sea change from the fourth quarter of last year. The S&P 500 index was down -13.52% in the fourth quarter of 2018, but it saw a double digit rebound in the first quarter of 2019, returning 13.65%. This change in sentiment (or animal spirits) between the fourth quarter and the first had to do with two main issues.Continue reading . . .