November 2008 The third quarter was not a good one for stocks, with the S&P 500 declining 8.4%. The decline gained momentum at the end of September, followed by one of the worst Octobers for stocks since 1938 (down 17%). As of the end of October, stocks are down 34% for the year and 38% from their October, 2007 peak. The year to date declines in International (EFA down 43%) and Emerging Markets stocks (EEM down 49%) were even more severe. Read More August 2008 After falling 15% from their October 2007 peak through early March, stock prices appeared to have bottomed, as indicated by the 8% recovery in prices that occurred in April and May. Soaring oil prices, declining home values and growing concerns over not only corporate earnings but also rising inflation and unemployment, however, translated into a decline of over 8% in June. Read More May 2008 At the time of our last update in February, stocks were showing some strength, stemming for a time, their decline from record highs reached in October, 2007. The markets remained volatile for the remainder of the first quarter, trading sideways within a roughly 10% range. Through April 23rd, the S&P 500 is down approximately 5% year to date after being down as much as 13% for the year during March. Six month Treasury Bills are currently yielding 1.7%, ten year Treasury Notes 3.82% and the 30 year, 4.56%. Read More February 2008 After recovering from its August selloff to reach new highs in October, stocks (as measured by the S&P 500) declined over 3% during the fourth quarter, finishing the year with an overall advance of 5.5%. Continued credit, housing and recession-related fears spurred further declines during January, pushing prices down 19% from their October highs to new intra-day lows on January 23. The next eight days brought a sharp, 10% recovery, leaving the index down 6.1% for the year through the end of January. Read More November 2007 Stocks continued to show resiliency during the remainder of the third quarter despite lingering concerns over the decline in the US housing sector and the on-going sub-prime lending crisis. The S&P 500 closed the quarter up approximately 9% for the year, only slightly below its July 19th all-time high of 1,553. Read More September 2007 Stocks rose 6% during the second quarter and were up 7% for the year as of 6/30/07. The rally continued through mid-July before the tide turned after July 19th. Stocks subsequently declined, trading as low as 12% below its new all time high before stabilizing. The market has since recovered approximately 8% from its 8/16 intra day low. Read More May 2007 While experiencing more volatility than has been the recent norm (but certainly not by long-term historical standards) the broad US stock market as measured by the S&P 500 finished the first quarter up approximately 1%. The index had advanced 3.5% through mid February before dropping 6% from its peak. Read More February 2007 By now you may have already read more than a few year-end reports recapping the returns realized in the financial markets last year. The stellar returns realized in 2006 and continued momentum so far this year, while cause for much rejoicing, also seem to be the cause of much consternation. Read More November 2006 The stock market shook off its fear of a global economic slowdown and bounced back sharply during the third quarter. Stocks (as measured by the S&P 500) advanced nearly 6% between July and September after giving back its early-year gains during May and June. This momentum has continued with the S&P 500 now up 12% through November. Small-cap stocks (as measured by the Russell 2000) are up 16% so far this year. Read More