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November 2016 Market Commentary

Domestic equity indices finished sharply higher for the month while international  developed and emerging markets declined. Both global and domestic fixed income indices experienced negative returns. Returns across asset classes were largely linked in some form or fashion to the surprise victory by Donald Trump in the U.S. Presidential election.

For the month, the S&P 500 Index rose 3.7%, while the Russell 2000 Index of smaller companies gained 11.2%. The energy, financials and basic materials sectors were the best performers, while utilities and consumer goods were the weakest performing sectors. Across market capitalizations, small-cap securities generally outperformed their large- and mid-cap counterparts. Across styles, value outperformed growth across all market caps.

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