Each quarter we pause, take a look in the rearview mirror and think of what to write for this section of our quarterly update. The last several quarters it seems we don’t need to change the commentary at all. Simply leave the text that called the most recent quarter unusually volatile, keep the part about the market going down in overreaction and then climbing back up. Exchange a few key words such as China, monetary policy, oil collapse, Brexit and the recap is complete. Once again, the headline concerns, Brexit this time, failed to manifest into substantive reductions in economic growth, and the market bounced back from significant losses in June. The S&P 500 closed the quarter up nearly 2% to record a gain of 2.7% for the first six months of the year. The Dow Jones Industrial Average closed June 30th up 2.9% and the NASDAQ composite extended the first quarter losses down -3.3% for the first six months.
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