October 10, 2019

Amid heightened volatility, markets turned this way and that in the third quarter, only to end up about where they started. Both the Dow and S&P 500 indexes gained a little more than 1%. Bonds, like stocks, also advanced modestly as the Fed continued to lower interest rates amid a soft economic outlook. Overseas performance was similar, although U.S. investors in foreign markets suffered small losses due to foreign currency denominated investments losing value when translated back into a surging U.S. dollar.

Trump’s trade war with China continued to move markets, but signals from each side about the progress of talks, or lack thereof, were more muted than in Q2. In any event, the impact of the trade battle has moved from the theoretical to the empirical – with the impact being felt globally as far away as Japan and Germany, two countries that are especially dependent on trade in manufac...

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Marble Trail Financial is a joint venture of Addison Advisors LLC dba Marble Trail Advisors, Davis Associates,  and Misasi & Company LLC. Investment advisory services are provided by Marble Trail Advisors, a registered investment adviser, and tax preparation and accounting services are provided by Davis Associates and Misasi & Company LLC.

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