After a volatile year the major indices ended 2016 with solid
gains. Strong gains in the third quarter were added to in the
fourth quarter as investors bid up industry sectors perceived
to most benefit from a Trump administration and now Republican
controlled Congress. The S&P 500 closed the quarter
up 3.3{908bb81a8ab0b16778e7093c43eda429502c67f718526925312015b65456a646} to record a gain of 9.5{908bb81a8ab0b16778e7093c43eda429502c67f718526925312015b65456a646} for the year. The Dow
Jones Industrial Average ended the quarter up 13.4{908bb81a8ab0b16778e7093c43eda429502c67f718526925312015b65456a646} for the
year while the NASDAQ Composite finished up 7.5{908bb81a8ab0b16778e7093c43eda429502c67f718526925312015b65456a646}.

The year started 2016 in freefall with the S&P 500 closing on
February 12th, down 10.5{908bb81a8ab0b16778e7093c43eda429502c67f718526925312015b65456a646} from the start of the year only
six weeks earlier. Investors with the nerve to buy on the
dips were once again rewarded as the market moved higher
as the year progressed. Ironically, the panic back in February
was precipitated largely by the new nationalism movement
that seems to be spreading around the industrialized nations
of the world. 2016 was bookended by two surprising
elections. The first was BREXIT. The last of course was

Download the full report here