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November Market Commentary

U.S. equity markets were muted throughout November as investors remained wary of risk assets. Conversely, overseas markets experienced headwinds as mixed economic data, coupled with heightened geopolitical risk, weighed heavily on investor risk appetite for international securities. U.S. investment-grade fixed income markets experienced minimal losses, but speculative fixed income securities had a modest decline.

For the month, the S&P 500 Index gained 0.3%, while the Russell 2000 Index of smaller companies finished 3.3% higher. The financial, industrial and information technology sectors posted the largest gains, while energy, utilities and consumer related sectors experienced losses. Across market capitalizations, small-cap stocks outperformed their large- and mid-cap counterparts. Meanwhile, no single investment style clearly outperformed across market capitalizations.

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