Market Commentary 9/29/2008
The Markets
Wall Street ended a tumultuous week with gains on Friday, but the major indexes were down for the week as attention focused on efforts by Congress to stabilize the nation’s financial markets. The Dow ended the week down 2.13 percent to 11,143.13. The S&P lost 3.32 percent to close the week at 1,213.27, and the NASDAQ dropped 3.98 percent to finish the week at 2,183.34.
Source: Morningstar.com. * Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three and five-year returns are annualized. The S&P, excluding “1 Week” returns, is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax.
Voting Booth - The greatest percentage participation by Americans in any presidential election dating back to 1932 took place during the 1960 race between Democrat John F. Kennedy and Republican Richard Nixon. Read more…
Market Commentary 9/22/2008
The Markets
Following two weeks of unprecedented change, Wall Street continued to recover Friday on news that the government plans to assist banks and money market funds. The Dow collectively gained about 780 points Thursday and Friday but still closed the week down 0.27 percent to 11,388.44. The S&P added 0.30 percent to end the week at 1,255.08, and the NASDAQ climbed 0.56 percent to finish the week at 2,273.90.
Source: Morningstar.com. * Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three and five-year returns are annualized. The S&P, excluding “1 Week” returns, is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax.
On Hold - On Tuesday, Sept. 16, the Federal Reserve voted unanimously to leave short-term interest rates unchanged at 2 percent, despite the Dow dropping 504 points the day before. Read more…
Special Market Commentary - September 15, 2008
By Doug Fehr, CFA, Director of Investment Research, Securities America
Dear Valued Client,
In a turn of events sure to make history, on Sunday, Sept. 14, 2008, Wall Street firm Lehman Brothers filed for bankruptcy protection, while Merrill Lynch agreed to sell itself to Bank of America for approximately $50 billion. Meanwhile, American International Group has sought $40 billion from the Federal Reserve, and other familiar companies are being placed on watch lists.
It may be difficult to find the silver lining in all of this. Read more…
Market Commentary 9/15/2008
The Markets
Gains in the energy, utilities and materials sectors were dampened last week by speculation about the fate of Lehman Brothers Holdings Inc., which has been looking for a buyer or other source of cash infusion. Many had hoped the nation’s fourth largest investment bank would be saved over the weekend, but Lehman announced today that it had filed for Chapter 11 bankruptcy. The three major markets all ended the week higher. The Dow finished 1.83 percent higher to end the week at 11,421.99. The S&P gained 0.81 percent to close the week at 1,251.70, and the NASDAQ added 0.24 percent to wrap up the week at 2,261.27.
Source: Morningstar.com. * Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three and five-year returns are annualized. The S&P, excluding “1 Week” returns, is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax.
Still Made Money – In the past 30 calendar years (1978-2007), the S&P 500 has experienced four different bear markets (i.e., a decline in the index’s value of at least 20 percent). Read more…
Market Commentary 9/8/2008
The Markets
The Dow and S&P managed slight gains on Friday after declining sharply on Thursday. The Labor Department’s report showing unemployment at a five-year high of 6.1 percent combined with disappointing reports from the nation’s retailers caused the Dow to lose more than 340 points. For the week, the Dow dropped 2.69 percent to close at 11,220.96. The S&P fell 3.10 percent to end the week at 1,242.31, and the NASDAQ lost 4.72 percent to finish the week at 2,255.88.
Source: Morningstar.com. * Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three and five-year returns are annualized. The S&P, excluding “1 Week” returns, is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax.
Working Smarter – U.S. worker productivity rose in the second quarter to 4.3 percent, Read more…
401(k) Plan Sponsors and Fiduciaries Responsibilities with 2008 Supreme Court Ruling on LaRue v. DeWolff, Boberg & Associates
To understand what the decision means for plan sponsors and fiduciaries, see the April 10, 2008 Bulletin by Reish Luftman Reicher & Cohen.
Market Commentary 9/1/2008
The Markets
After mixed results on Tuesday and sizable gains on Wednesday and Thursday, the major markets dropped Friday on light trading in advance of the holiday weekend. The Commerce Department reported that personal incomes fell 0.7 percent in July, higher than the 0.1 percent economists expected. The Dow ended the week down 0.70 percent to 11,543.55. The S&P dropped 0.69 percent to close the week at 2,367.52, and the NASDAQ lost 1.95 percent to finish the week at 1,282.83.
Source: Morningstar.com. * Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three and five-year returns are annualized. The S&P, excluding “1 Week” returns, is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax.
Greater GDP – The Commerce Department last week revised the U.S. gross domestic product Read more…