FED RAISES RATES: The Federal Reserve raised its benchmark interest rate another quarter of a percent on Wednesday. The Fed made it clear that it intends to continue raising rates next year. Fed chair Jerome Powell emphasized the continued strength of U.S. economic growth despite the recent strains caused by weaker growth in Europe and…
DetailsU.S. INDUSTRIAL PRODUCTION INCREASES: After moving down 0.2% in October, industrial production in the U.S. rose 0.6% in November. Manufacturing remained steady while the utility and mining sectors grew. Industrial production in the U.S. is now 26% above the recession low and 4% above the pre-recession peak. FEAR ABOUT GLOBAL ECONOMIC GROWTH SETS…
DetailsNOVEMBER EMPLOYMENT NUMBERS: In November, the U.S. economy added 155,000 new jobs, a bit lower than the consensus expectations. The unemployment rate remained 3.7%. 2.443 million jobs have been added in the last twelve months, which remains a solid rate of growth. Wage growth was encouraging as average hourly earnings increased by 6 cents to…
DetailsTEN YEARS AGO: On December 1, 2008, the Dow Jones Industrial Average dropped 7.7% in one day, the 12th worst day for the index ever. Globally, stocks were down close to 50% for the year, and the downward trend would continue for a few more months. Chrysler, Ford and General Motors were actively seeking a…
DetailsWHAT HAVE YOU DONE FOR ME LATELY?: Despite the fact that U.S. corporations have delivered quite a bit lately, markets continued to be volatile, and the S&P 500 recorded a weekly loss. With 91% of the S&P 500 companies having reported third quarter earnings, profits are up 28% from a year ago. 78% have…
DetailsPUTTING OCTOBER IN THE PAST: Declines in the U.S. stock market on Friday interrupted a very strong week. Friday’s pullback was a result of concerns about oil prices and global economic growth. The big rise took place after the U.S. election results. With a divided congress, anxiety about radical economic policy changes receded. Markets like…
DetailsSTRONG LABOR MARKET CONTINUES: In October, the U.S. economy added 250,000 jobs. The Labor Force Participation Rate increased (more people outside the job market jumped back in), and thus the unemployment rate remained at 3.7%. In fact, the share of Americans in their prime working years, 25-54, who are working or looking for work rose…
DetailsU.S. ECONOMY GROWS AT 3.5% RATE IN THIRD QUARTER: The United States gross domestic product grew in the third quarter at an annual rate of 3.5%. Consumers led the way as personal consumption expenditures increased by 4.0% (strongest since 2014). SCARY OCTOBER: October is shaping up to be one of the worst months in…
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October 16, 2018 Dear Valued Clients and Friends: Third Quarter 2018 Market Commentary: As we send you this third quarter commentary, the stock market is experiencing some negative volatility after six months of fairly steady gains. In two short weeks, observations about the last quarter can feel somewhat out of touch with where…
DetailsFRIDAY’S BOUNCE BACK DOESN’T SAVE WALL STREET FROM WORST WEEK SINCE MARCH: Stocks rose about 1% on Friday, but that did not prevent major indices from experiencing their worst week in over half a year. As the Fed raises rates, risk-averse investors seeking dependable returns get pulled back into safer investments that are now giving…
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