The S&P 500 gained 6.2% in the second quarter and is up 6.9% for the year. Coming in to the April earnings reports, stock analysts were universally pessimistic about US corporate earnings growth, expecting only 3.9%.
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Eight months into the year, the S&P 500 is up 2.37% and the NASDAQ is down 6.58%. From January 2005, which marked the end of the last decent rally, the S&P 500 has gained 7.4%, which is about the same return as an investment in bank CD’s over the same time frame.
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On May 19th, we wrote, “Stocks rallied into this afternoon’s close, which we believe marks the bottom of this particular pull back. Most likely we’ll be investing recent client deposits on Monday.”
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The modest correction of the past two weeks bears some comments. On May 9th, the major indices were at 6 year highs with the Dow 80 points from an all-time high and the S&P 500 13% from its all time high.
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