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Stocks Cap Their Best First Three Quarters in 22 Years

October 3, 2019 By E.J. Smith

President Donald J. Trump, joined by Vice President Mike Pence, participates in an Armed Forces Welcome Ceremony in honor of the 20th Chairman of the Joint Chiefs of Staff Monday, Sept. 30, 2019, at Summerall Field, Joint Base Myer-Henderson Hall, VA (Official White House Photo by Shealah Craighead)

Despite the ongoing trade war and skirmishes in the Middle East, stocks posted their best three first three quarters since 1997. Gunjan Banerji writes in The Wall Street Journal:

The S&P 500 is now sitting just 1.6% below July 26’s all-time high, but it has also risen a mere 2.2% from a year ago after a brutal selloff last fall—encapsulating the sideways trading pattern that has gripped markets since the beginning of 2018.

The quarter ended on a relatively quiet note. The S&P 500 ticked up 0.5% to 2976.74 Monday, paced by Apple, which closed at its highest level this year.

Underneath the surface, it was a dizzying three months for markets.

Stocks surged to new highs in July ahead of the Federal Reserve’s first cut to interest rates in a decade, but then dropped in August—with the Dow Jones Industrial Average suffering its biggest decline of the year—as the long-simmering trade war with China escalated and fears of a U.S. recession bubbled.

Major indexes clawed back those losses in the following weeks as investors rotated out of some of the momentum stocks that have propelled the decadelong bull market, in favor of shares that appeared undervalued.

Tax cuts and regulatory reform have created a strong business climate in the U.S., encouraging many investors to abandon the slow-growing economies of the emerging markets and to seek safety in American securities.

You can see on my chart below that despite volatility, the S&P had its best quarter in 22 years.

Originally posted on Your Survival Guy.

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E.J. Smith
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com
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