First Quarter 2018

Exuberant Volatility

Year End 2017

New Tax Law and Corporations

Third Quarter 2017


As we enter the fourth quarter, the unemployment rate stands at 4.2%, the inflation rate has not reached 2%, wage and prices appear stable, overall, businesses seem to be doing well, and the Federal Reserve did not raise the discount rate during the quarter. Adding to the good news, the government announced late in the third quarter that the growth rate for the second quarter, instead of the originally reported 2%, was 3%. This helped to fuel the stock market.

Second Quarter 2017

Market Review

If the second quarter of this year followed the sharp increase in large cap values that we saw in the first quarter, that would have been unusual. However, the second quarter did rather well, with large U.S. stocks continuing to gain along with mid-cap and small-cap stocks. The quarter began with the S&P 500 at 2362.72 and ending at 2423.41, resulting in an increase of 60.69 points or 2.57%. Mid-cap stocks were up 1.6% and small-cap stocks were up 1.4%.