- The major U.S. equity indices posted strong gains in July. The Dow Jones Industrial Average rose 2.5%, the S&P 500 added 2.1% and the Nasdaq Composite increased 3.4% for the month. All three indices either reached or flirted with record highs as the strong economy and expectations of earnings growth bolstered investor confidence.
- Amazon announced in June that it is buying Whole Foods Market in a $13.7 billion dollar acquisition. Amazon has struggled to gain a foothold in the $800 billion grocery market over the last few years. The deal points to a change in strategy for the online retailer, which will now have “brick and mortar” store locations across the country.
- The Initial Public Offering (IPO) market showed a great deal of strength in the first half of 2017. During that time, there were 77 IPOs raising $20.5 billion. The health care sector saw the largest number of IPOs in the first half of the year, with many of the new issues being biotech companies. This level of investor interest has not been seen since 2015. In only six months, the IPO market has raised more money than in all of 2016.
* 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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