2018 1st Quarter Commentary

Equity markets experienced a volatile beginning to 2018. The S&P 500 ended the first quarter at 2,641—just slightly below where it started the year—after being up almost 8% in January. The synchronized global economic expansion continued, with revenue
and earnings for the S&P 500 once again significantly exceeding forecasts. Domestically, expectations for economic growth have been driven by strong business sales, industrial production, and tax reform. The Federal Reserve and other central banks around the world are migrating back towards a normalized interest rate policy, and the resulting higher interest rates have contributed to the recent stock market volatility. Portfolios remain positioned for faster growth, although with a degree of caution, given the various issues causing increased price volatility. The most recent bout of stock market turbulence should present a buying opportunity, although patience can be a virtue.

Download the 2018 1st Quarter Commentary