- U.S. risk appetite remained strong in February. Each of the three major indices posted positive returns. The NASDAQ Composite gained 3.9%, the S&P 500 rose 4.0%, and the Dow Jones Industrial Average advanced 5.2% during the month.
- U.S. retailers continue to face a multitude of industry challenges, including adapting to the rapid growth in online shopping, benign real wage growth, and rising gasoline prices. Traditional department stores such as J.C. Penney, Sears, Macy’s and Kmart have all announced store closings. Target also reported a difficult holiday shopping season and lowered its expectations for 2017.
- Snap Inc., the owner of the popular app Snapchat, went public in a highly anticipated technology IPO. The company has no profits and faces fierce competition, yet investors bid the stock up 40% on its first day of trading.
* This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.
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