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This year got off to a frightening start as the stock market fell sharply and steadily from the opening bell through January 20. By key measures, the only other times the market was this volatile at the outset were in 1932 and
This year was basically a long ride to nowhere. After six good years, the stock market gyrated in part because investors spent much of the year fretting about a modest hike in interest rates and slowing earnings growth. The S&P 500 Index
Stock market momentum accelerated to the downside this quarter. Some may see this as ironic in that the economy has been gradually strengthening to a 3.9% GDP growth rate now, but markets look ahead. As you recall, returns were modestly positive in
The stock market held its ground this quarter despite warnings about everything from valuation to Greece. The S&P 500 Index edged to a positive total return of 0.28% thanks to dividends. The Dow Jones Industrial Average was marginally lower and the broader
The S&P 500 Index moved marginally higher in the first quarter, providing a total return of 0.95%. The Dow Industrial Average declined a touch, and the broader market as reflected by the Russell 200 Index did the best with a gain of
We made reasonably good money in 2014 even though the market was not nearly as cooperative as it was in 2013. While the S&P 500 provided a total return of 13.57%, the broader market as measured by the Russell 2000 Index lagged
The markets made some marginal new highs during the quarter, but could not hold them. The S&P 500 Index eked out a gain of 1.13% (total return), but the broader market as measured by the Russell 2000 Index weakened considerably, posting a
The stock market continued to grind higher this quarter. It feels like The Little Engine That Could that is trying to pull a reluctant economy along with it. Although the stock market has outpaced gains in the overall economy for quite awhile,
After sprinting ahead in 2013, the market paused this quarter to catch its breath and re-assess economic conditions, geopolitical events, and corporate developments. It was down in January, and up nicely in February. Then March came in like a lamb, and went
Last year at this time, we looked ahead to 2013 and noted “the potential for PE expansion of 12% just to get back to the mean level for the decade. Add 5% earnings growth and we have the potential for another double