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Insight on Market Volatility

After an exceptionally strong start to the year fueled by above-trend global economic and corporate earnings growth, the S&P 500 finished January with a 5.6% total return.

In the last two trading days, equity markets around the globe sold-off after digesting Friday’s very strong January payroll report, among other reasons. In addition to the economy adding 200,000 jobs, average hourly earnings jumped 2.9% on an annualized basis. This was the best gain since the early days of this remarkably sluggish recovery which began in March 2009.

While this wage growth is still markedly below the long-term average, it fueled investor worry…

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