October 2017 ushers in shorter days and cooler weather, but the global bull market shows few signs of slowing down. The S&P 500 Index logged another gain last month, marking 6 consecutive monthly gains on a price basis and 11 in a row on a total return basis (including dividends). Incredibly, the S&P 500 has now finished green eight quarters in a row for only the fifth time ever. The global economy continues to expand, supporting the equity gains, but October is notorious for some of the largest moves in market history. Since 1950*, no month has sported more 1% daily changes than October. With earnings season starting, the initial thi

After years of diminished earnings ended in the third quarter of 2016, European companies have begun seeing sustained growth in their bottom lines. Ultimately, earnings drive stock prices, but the market is always trying to look forward; having strong earnings is not enough if the growth is fully priced in. That is the fundamental question with regard to stock market valuation — what are you paying for future earnings? Solid earnings in Europe are keeping price-to-earnings ratios (PE) static, while PEs on domestic stocks have been rising. This makes European equities increasingly attractive; however, currency remains a concern, as much

The Treasury yield curve flattened for the second consecutive quarter as short-term yields rose due to a rate hike during the Federal Reserve’s (Fed) June 13 – 14 meeting. Long-term rates gradually declined over the quarter on declining inflation expectations, which were pushed even lower by oil’s 9% decline in price over the quarter [Figure 1]. The decline in longer-term yields was a tailwind for fixed income generally.

Much like the first quarter, economically sensitive domestic sectors of the bond market were aided by investors’ ongoing search for income in a low-yield, low-return environment and by ste

Which State is Most Desirable For Pre-Retirees?

No state scored well in every category, and, conversely, no state did poorly in every category. Each pre-retiree’s decision is based on individual factors, and the category grades are designed to illuminate the different ways that “desirable” can be defined. A pre-retiree in a very healthy financial situation may put less weight on the financial category, as monetary considerations may be less meaningful than community and/or quality of life factors, for example. For others, the situation may be reversed. The Retirement Environment Index is designed to grade and ran