- The major U.S. stock indexes advanced in August. The Dow Jones Industrial Average increased by 2.2%, the S&P 500 was up 3.1% and the Nasdaq Composite advanced 5.7%.
- The bull market became one of the longest on record. The S&P 500 marked 3,462 days since the March 9, 2009 low through the end of August. The NASDAQ topped 8,000 for the first time and recorded its single best August performance in 18 years. Strong profit growth and U.S. economic data have outweighed investor concerns over trade and politics.
- A strengthening U.S. dollar has contributed to financial stress in some emerging markets. Foreign companies, and sovereign nations, find it more difficult to repay dollar-denominated debts when their local currency weakens. Poor fundamentals combined with monetary policy missteps have triggered capital outflows and exacerbated currency declines in Turkey and Venezuela.
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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