November 17, 2021
Last week we observed a national holiday to recognize that America and its citizens' prosperity is directly rooted in the freedoms we enjoy. These freedoms are ensured by military veterans going back to the war to end all wars - World War I. We honor their service to our nation. The major hostilities of World War I were formerly ended at the 11th hour on the 11th day of the 11th month of 1918, when the Armistice with Germany went into effect. Unlike Memorial Day observed in May, Veterans Day celebrates the service of all U.S. military veterans, not only those who died while in service. In the tradition of this day, two minutes of silence is recommended to be observed at 2:11 pm EST.
The Markets and Money
November 3, 2021
The equity markets never cease to surprise! U.S. stocks closed out October not only vastly better than the pundits expected, but realized their strongest month since last November - even with weakness by two of the major tech stocks - Apple and Amazon.com. Both of those companies warned shareholders of ongoing supply-chain disruptions that were hindering manufacturing and sales. As of market close October 29th, the DJIA hit another intraday record at 35,852. For the month, the DJIA climbed 5.8%, while the S&P 500 rose 6.9% and the NASDAQ rocketed up 7.3%.
Historically, with November, we enter the best three-month stretch of market appreciation. Who knows, maybe October was just the warm-up which was plentiful with its share of new highs.
An Inflation Follow-Up
October 12, 2021
Year-to-date, the S&P 500 is up 13.5%; the NASDAQ Composite 13.1%; the small-cap Russell 2000 13.0%; the Mid-Cap 400 16.6%; and the DJ Global ex U.S. up 4.4%. As we wrote is the September monthly letter, the S&P 500's trailing 20 rate of return ending September 10 was 7.5% per year and 9.6% with dividend reinvested.
3Q 2021 :: Typical September
After a very good stretch of gains, the U.S. stock market "allowed" investor anxieties get the better of it. For the month the S&P 500 eased 4.8%, its largest monthly decline since March 2020. The DJIA fell 4.3% while the NASDAQ Composite gave up 5.3%. With the last day of the month and the third quarter, the S&P 500 ended 5.1% below its September 2 record close at 4,536. Concerns remain, including inflation, supply-chain bottlenecks, the highly contagious Delta variant, economic outlook uncertainties, and a possible stalemate on the multi-trillion spending package in Washington, D.C..
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