- The major U.S. stock indexes were modestly higher in August. The Dow Jones Industrial Average increased by 0.26%, the S&P 500 was up 0.05% and the Nasdaq Composite advanced 1.27%.
- The U.S. Dollar Index was virtually flat in August posting a loss in value of 0.02%. The Index is used to measure the value of the U.S. dollar versus six major foreign currencies. A rise in the value of the dollar reduces profit accounting for U.S. companies with international operations as the stronger dollar lowers the cost of imports and increases the price of exports to foreign purchasers. A lower dollar value has opposite impacts.
- Cash trends in mutual fund investing are a proxy for market shifts in asset class investing sentiment. Equity funds posted an outflow of $13.89 billion in July, compared with an outflow of $9.54 billion in June. Bond funds had an inflow of $20.38 billion in July, compared with an inflow of $19.92 billion in June. Money market funds had an inflow of $12.74 billion in July, compared with an outflow of $22.24 billion in June.
* 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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