Investment Review – October 2019
- For the month of September, the Dow gained 2%, the S&P advanced 1.7% and the Nasdaq added 0.5%. For the quarter, the Dow and the S&P 500 both rose 1.2%, but the Nasdaq fell 0.1%. Mid-sized companies had a very strong month with a 3.1% increase. Broad based European indices performed slightly better than US, with a 2.5% month, as some Brexit worries were calmed.
- The 10-year Treasury note yield was up 17 basis points (bps) for the month, marking its biggest monthly rise since September 2018. The 2-year note yield moved up 12 basis points in the month and the 30-year note yield edged higher to 2.12%. The 30-year bond yield tumbled 41 bps between July and September, marking its biggest quarterly drop in five years.
- Following a mid-month attack on a major Saudi Arabian oil processing facility the price of crude oil spiked up about 15%. Assurances from governments and access to strategic reserves calmed shortage fears and the price retreated, ending September down 1.7%.

Sources: Bloomberg LLC, FactSet, U.S. Department of Labor, Dow Jones
Disclosure: 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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