The markets declined last week as the focus on health care reform weighed on investor sentiment. Many had viewed the administration’s early efforts on the American Health Care Act, the replacement for Obama’s Affordable Care Act, as potentially delaying pro-growth initiatives, most importantly tax reform and an infrastructure package. The White House’s push for a Friday vote in the House of Representatives set the stage for a transition to other, more popular, items on the… View More
Stocks rose this week following the Federal Reserve announcement on Wednesday to increase interest rates for a second time in three months. Fed Chair Janet Yellen, in communicating the rate decision, noted: “We have confidence in the robustness of the economy and its resilience to shocks”; and, “Many more people feel optimistic about their prospects in the labor market.” The favorable assessment buoyed investor sentiment, especially for shares of small and… View More
Declining oil prices weighed on the markets this week; West Texas Intermediate crude, the North American benchmark, fell 9% to drop below $50 per barrel for the first time this year. Record U.S. inventory levels, partly due to scheduled refinery maintenance, but also a result of increased production, contributed to the pullback. At an industry conference this week in Houston, Saudi officials, who would prefer an oil price increase to $60 per barrel or higher, told… View More
Markets were mixed last week; gains for the Dow Jones Industrial Average and S&P 500® Index continued while the technology-heavy NASDAQ and Russell 2000® Index of small company stocks lagged. As investors gravitated towards conservative areas of the market, electric utilities were the strongest performers followed by consumer staples companies, such as food and beverages. The euphoria that is normally at major market tops is largely absent despite the fact that major market… View More