3rd Quarter 2015   Markets The third quarter of 2015 was marked by significant losses in capital values and an increase in volatility.  The S&P 500 lost 7.55% in the quarter and 6.71% year-to-date; NASDAQ dropped 7.77% quarterly and 2.26% for the year; Dow Jones Industrial average declined 8.15% in the quarter and 8.68% year-to-date.  The VIX fear measure closed the quar ...

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2nd Quarter 2015   Markets The second quarter of 2015 experienced heightened bond market volatility in anticipation of the Fed’s first rate increase as well as international equity volatility involving Greek debt and Chinese equities.   Despite whipsawed volatility, the major domestic and international equity indices ended close to where they started.  The Dow was down 0.9%, ...

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4th Quarter 2014   Markets Fourth quarter headlines included volatility spikes, dramatic declines in oil prices, and positive views of the economy by the Fed.   Oil declined 41% this quarter and 46% for the year.  The dollar continued to gain against some major developed global currencies.  For the year, the dollar gained 13.6% against the euro and 13.8% against the yen whil ...

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3rd Quarter 2014   Markets It was a choppy third quarter for global asset classes.  Domestically, Large Cap equities rose slightly but Small Cap US stocks fell.  The Dow rose 0.6%, the S&P rose 1.3%, and the NASDAQ rose 1.9%, but the Russell 2000 fell 7.7%.  International equities, on average, fell for the quarter with the MSCI ACWI ex US down 6%.  European equities decl ...

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2nd Quarter 2014   Markets In the second quarter of 2014 major asset class performance was positive.   The Dow was up 2.4%, the S&P up 4.7%, and the NASDAQ up 5%.  International equities nearly kept pace with US equities; the MSCI ACWI ex US was up 3.8%.   MSCI Europe was up 1.9%, and MSCI Pacific was up 5.2%.  Emerging market equity indices rebounded from recent underpe ...

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1st Quarter 2014   Markets The first quarter was a relatively calm start to the year.   The Dow was down 0.7%, the S&P up 1.3%, and the NASDAQ up 0.5%.  International equities were nearly flat as well with the MSCI ACWI ex US down 0.1%.   European equities were up 1.5% and Pacific equities were moderately negative, with the MSCI Pacific down 3.3% for the quarter.  Emergi ...

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4th Quarter 2013   Markets The quarter continued the theme of the year, with U.S. equities continuing their dramatic performance.   For the quarter, the Dow was up 9.6%, the S&P 9.9%, and the NASDAQ 10.7%.  The year’s returns substantially exceeded last year’s “expert predictions” and much of this year’s punditry with the Dow up 26.5%, S&P up 29.6%, and NASDAQ up 38. ...

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3rd Quarter 2013   Markets It was a good quarter to invest in equities, and despite a down second quarter, overall a good year as well.  The Dow was up 1.5%, the S&P 4.7% and the NASDAQ 10.8%.  Year-to-date returns were very positive with the Dow up 15.5%, S&P up 17.9%, and NASDAQ up 24.9%.  International equities were also positive for the quarter and year with the ...

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2nd Quarter 2013   Markets The Federal Reserve’s announcement on June 19th of a likely early tapering of the economic stimulus bond buying program sparked a global selloff in nearly all major asset classes.  All asset classes we track declined in response.  Except for domestic equities, which were modestly positive for the quarter, nearly all other asset indices were negativ ...

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