April 5, 2019

U.S. stocks bounced back strongly from December’s swoon to turn in their best quarter in nearly 10 years. The S&P 500 rose 13%, the Dow added 11%, and the Nasdaq surged 16%. While technology companies led the way, the rally was broad-based, with all 11 sectors in the S&P advancing. This surge represented a remarkable turnaround from the fourth quarter of last year, when U.S. stocks sank an average of 15%. It’s not very often dramatic market moves can be attributed to a single factor. When stocks plunged a quarter ago, we pointed to a number of causes – trade wars, a slowdown in China, and Brexit – as contributing to a more pessimistic outlook. Progress on none of those issues has been great enough to explain this rebound. One factor can, however; the actions of Fed Chairman Jerome Powell.

Even before the Fed raised rates for a fourth time in a year last December, the Treasury yield...

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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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