- The Dow Jones Industrial Average was down -0.5% in September and the S&P 500 was flat. The Nasdaq Composite gained 1.9%. International equity markets were strong in September. The MSCI Europe Australia Far East Index (EAFE) was up 1.3% and the MSCI Emerging Markets Index rose 2.5% for the month.
- Two major global banks faced challenges in September. Wells Fargo was accused of opening more than 2 million bank and credit card accounts for customers without their knowledge in order to boost fees. Wells Fargo has dismissed over 5,000 employees in response to the allegations and faces a $185M fine. Meanwhile, Deutsche Bank faces a fine that may be as high as $14B from the U.S. Department of Justice over misconduct related to mortgage sales prior to the financial crisis.
- On September 28th, according to informal reports, OPEC reached a preliminary deal to cut output for the first time since 2008. Details on individual country production quotas will not be finalized until OPEC’s November meeting. Oil bulls cheered the news. Oil rallied 5.3% the day after the meeting, and was up 7.9% for the month of September.
* 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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