Market Musings | December 2018

Markets have now given back all of their gains for the year with the S&P 500 down a bit less than 1% year to date, the Dow Jones Industrials average down 0.3%, the Russell 2000 down 7%, and as of this writing the Nasdaq falling into negative territory as well. The declines may seem modest, but It was just over two months ago that the S&P 500 hit all all-time high with economic growth having accelerated over the summer. Reflecting a more defensive posture taken by investors in recent weeks, Utilities and Healthcare are the two top-performing sectors through the middle of December up 10.8% and 9.1%, respectively. Not surprisingly, more cyclical sectors such as Materials and Financials are bringing up the rear. Read More