Quarterly Commentary: Shrug and Recover

After a few stable weeks to start the year, stocks declined by roughly 6% in late January. The pullback proved short lived, however, as the S&P 500 subsequently recovered all of the losses and ended the quarter with a narrow, yet volatile, 1.8% price advance.

Over the last several years, the stock market’s pattern has been to start the year strong, pause or pull back at mid-year and then power to new highs with the backing of the U.S. Federal Reserve and hopes of accelerating GDP. While GDP has been gradually improving, a decelerating Chinese economy, troubling geopolitical events in the Ukraine, and a less accommodative Fed have us wondering how long before the market decides that a shrug is not enough. Read More

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