Please click here to read the July 2009 Market Commentary.
July provided strong gains in the U.S. and international equity markets, despite investor concerns earlier in the month regarding whether the markets could sustain their positive 2nd quarter momentum. Flat results in June and the anxiety that was present in the markets after the healthy returns of April and May have changed – at least for now – with the corporate earnings reports of mid-July, as the majority of companies reported earnings that were ahead of analyst estimates.
Better-than-expected earnings came in from Goldman Sachs, JP Morgan, and IBM. Despite continued pressure on Bank of America and Citigroup and discounted expectations for their stocks, these banks contributed positive momentum to the market.
Noteworthy results include the best monthly return for the Dow Jones Industrial Average since 2002, up 8.6%; the S&P 500 almost crossing the 1,000 barrier and ending the month up 7.4%; and small cap stocks as represented by the S&P 600 Index rising 10.3%, its best month of July on record. Equities across the globe had dramatically positive months as well, with the MSCI EAFE Index up 9.1%, and the MSCI Emerging Markets Index up 11.3%.
Please click here to continuing read the July 2009 Market Commentary.