Q1 2013 Commentary

By Affinity | Apr 20, 2013

During the most recent quarter, the S&P 500 Index rose to a record high, as the US economy continued to grow at a well below average rate, corporate profits increased at a modest rate, interest rates were well below historic norms, and the Fed increased the supply of money at a rapid rate. In the…

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Q4 2012 Commentary

By Affinity | Jan 22, 2013

The stock market held its ground in the fourth quarter in the face of major uncertainties about the course of domestic economic policies, signs that the rate of growth of the US economy might be slowing, faltering economic growth in a number of countries overseas, and a worsening outlook for corporate profits. By the end…

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Q3 2012 Commentary

By Affinity | Oct 21, 2012

In the most recent quarter, the market seemed to float higher on the promise of a rising tide of liquidity. The commitment on the part of the Fed to expand the money supply at a rapid rate for the foreseeable future convinced many investors that any economic downturn could be forestalled or be brief. Thus,…

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Q2 2012 Commentary

By Affinity | Sep 1, 2012

The market’s decline in the second quarter reflected a number of growing concerns about the pace of economic activity both in the United States and overseas. These concerns were not unique to the second quarter, but investors seemed dismayed by the possibility economic trends would be driven by unfortunate policy choices for far longer than…

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Q1 2012 Commentary

By Affinity | Apr 5, 2012

The first quarter represented the second consecutive quarter of above normal stock market returns. This favorable performance reflected the modest improvement in economic conditions in the US, and increasing evidence the financial markets in Europe were stabilizing. Initial readings on economic growth in the quarter supported the expectations for modest real growth in the 2.0%…

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Commentary | 1Q 2018

By Affinity | Apr 16, 2018

Economic conditions in the first quarter of 2018, as exhibited by readings on the Institute of Supply Management’s Purchasing Manager’s Index (PMI®) and the year-over-year growth rate of the Conference Board’s Leading Economic Index®, remained consistent with increases in corporate profits. The Atlanta Fed’s GDPNow economic model is forecasting real economic growth during the first…

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Commentary | Q4 2017

By Affinity | Apr 10, 2018

December 2017 The market began a rapid move upward right after the Presidential Election of 2016 and the trajectory continued throughout 2017. At the end of 2017, most stock market indexes were at or near all-time highs. The market was buoyed by expectations of a reduction in tax rates, a reduction in regulations, little or…

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Commentary | Q3 2017

By Affinity | Oct 16, 2017

September 30, 2017 – The stock market’s favorable performance reflected rising profits and an improving economic environment which began in the second quarter of 2017. Real growth rose at a rate slightly above 3% in the second quarter, and initial indications are growth continued at a rate above 2% in the third quarter. If economic growth…

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Commentary | June 2017

By Affinity | Aug 4, 2017

Quarterly Commentary The rise in stock prices in the quarter brought the market to a level that is at or near its historic high. While stock prices rose, so did valuations as earnings increases did not keep pace with price increases on average. The market, as measured by almost any broad based index, is now…

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Commentary | March 2017

By Affinity | Apr 12, 2017

Quarterly Commentary The market’s ascent in the first quarter continued a trend that began shortly after the November 2016 election.  Market participants seem to be expecting the implementation of new economic policies designed to produce an increased rate of growth for corporate profits as well as the overall economy. The new favored policies are likely…

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