Weekly Market Commentary
July 1, 2019
In the infamous words of Mortimer Snerd, “Who’d a thunk it?”
After U.S. stocks dropped sharply during the last weeks of December 2018, investors were not optimistic about the future. Early in January 2019, the State Street Investor Confidence Index dropped to its lowest point since 2012, and the American Association of Individual Investors (AAII) Sentiment Survey showed just about 31.6 percent of investors as bullish. The long-term average for bullishness is 38.2 percent.
How things have changed!
The Standard & Poor’s 500 Index finished the second quarter up about 17 percent year-to-date, according to Ben Levisohn of Barron’s. The index gained 6.9 percent in June, its best performance since 1955.