October 8, 2018

After enduring a choppy start to 2018, US stocks rallied broadly in the third quarter with the Dow Jones Industrial index rising 9%. Every sector of the economy saw gains, with healthcare (+15%) and industrials (+10%) leading the way. Overseas markets were left behind as most major European and Asian indexes were flat. Japan proved the exception, but its 7% gain was partially offset by a 3% weakening of the yen to the dollar. The dollar also rallied against the Euro and most emerging market currencies, a trend that could undermine the President’s efforts to reduce the trade deficit. As we highlighted last quarter, rising trade and fiscal deficits pose a key risk to the medium-term outlook for the economy.

For now though, the US remains the world’s strongest economy. The private sector continues to add more jobs than there are people entering the workforce, a condition that has in the pa...

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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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