The Markets (as of market close July 12, 2019)
Both the Dow and the S&P 500 reached new record highs last week. The Dow surged past 27000 for the first time, while the S&P 500 surpassed the 3000 threshold. Anticipated testimony from Fed Chairman Jerome Powell lent credence to the expected interest rate cut at the end of the month. Powell indicated that “uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.” In addition to news that interest rates may decrease, the anticipated trade talks between the United States and China, coupled with last week’s strong jobs report, provided a boost to stocks. Along with a strong performance from the large-cap indexes, the tech-heavy Nasdaq enjoyed a good week and leads the way year-to-date, up almost 25.0%. The small caps didn’t fare quite as well, recording modest losses last week. Click here for more: Winthrop Partners Market Update 7-15-19
Thomas Saunders is the Managing Partner of Winthrop Partners. Prior to founding Winthrop Partners, Tom was Senior Vice President at what is now JP Morgan. His career includes senior and executive roles at Brown Brothers Harriman and First Niagara Bank, a top 25 Bank. Click here to contact Thomas Saunders about your investment and planning requirements.