Investment Review - September 2023
- The major market averages traded down in the month of August. The Dow Jones Industrial Average fell 2.4%, the S&P 500 declined 1.8%, and the Nasdaq Composite dropped 2.2%. The major US indices are positive on the year, led by the Nasdaq. The Dow Jones Industrial Average rose 4.8%, S&P 500 rose 17.4%, and Nasdaq rose 34.1%.
- The price of oil increased to $84 per barrel and is trading at calendar year highs. Higher oil prices will contribute to inflation and can lead to lower discretionary spending.
- Higher interest rates are starting to have an effect on the housing market. With 30-year fixed mortgages over 7%, applications for a mortgage declined to the lowest level since 1996. Higher mortgage payments and low inventory have put many home buyers on the sidelines.
Key Investment Statistics
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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