Good morning!
The S&P 500 has been down just 5 trading days this month. The stock index is up +8.2% (total return) for the month-to-date with 1 week of trading remaining before October turns to November. That result would rank as the 3rd best October performance going back to 1990, i.e., over the last 26 years. Although 5 of the 7 worst percentage loss days for the S&P 500 in the last 65 years (i.e., dating back to 1950) have occurred during the month of October, the 3 best percentage gain days for the stock index over the same period have also taken place in October (source: BTN Research).
Recent stock gains have been boosted by events overseas. Europe's version of "quantitative easing" (QE) began in early March 2015 and was originally scheduled to last 18 months through September 2016. European Central Bank President Mario Draghi indicated last Thursday (10/22/15) that he will likely initiate new actions in December 2015 to spur "bank lending and consumer spending" and will extend their QE program for at least an additional 3 months to year-end 2016. The American version of QE lasted for 6 years before ending in late October 2014 (source: BTN Research).
The US government has projected that its checking account will have insufficient funds to pay bills in just 8 days (on Tuesday 11/03/15) unless a Washington compromise is reached. For the 3rd time in just over 4 years, Congress is expected to continue their debt ceiling debate until the last possible minute. Hopefully there will be no political miscalculation (source: BTN Research).
Notable Numbers for the Week:
- EVERYONE DOES IT - The US debt ceiling has been frozen at $18.152 trillion since 3/15/15. The debt ceiling has been raised or suspended 81 times since 1961 (an average of once every 8 months), 33 times under Democratic presidents and 48 times under Republican presidents. The debt ceiling was raised 18 times during the 8-year Reagan administration, more than any other president since 1961 (source: Peterson Foundation).
- THANK YOU MOM AND DAD - Heirs of decedents are projected to inherit $36 trillion (net amount after the payment of estate taxes) through the year 2061 (source: Boston College Center on Wealth and Philanthropy).
Sincerely,
Lew Shore, Jon Morgan, and Marya Young
Shore Morgan Young Wealth Strategies
300 West Wilson Bridge Road, Suite 310
Worthington, Ohio 43085
614-888-2117 office
800-288-2117 toll free
614-888-2023 fax
smy@shoremorganyoung.com
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(614) 888-2117 | (800) 288-2117
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Advisory services offered through Capital Analysts. or Lincoln Investment, Registered Investment Advisors. Securities offered through Lincoln Investment, Broker Dealer, Member FINRA/ SIPC. (www.lincolninvestment.com). Shore Morgan Young Wealth Strategies and the above firms are independent, non-affiliated entities. Past performance is not indicative of future results. An index is unmanaged and no one can invest directly in an index. This e-mail is a market commentary and is being provided for educational purposes only. It is not a solicitation or a recommendation to buy or sell any security or act on any strategy. This e-mail may include forward-looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Capital Analysts, Lincoln Investment. and your advisor do not provide tax or legal advice services. This communication has been written by Michael A. Higley, and provided by your advisor as an educational service. Any comments, opinions or facts listed are those of Mr. Higley. Information is based on sources believed to be reliable, however their accuracy or completeness cannot be guaranteed.
S&P 500 Index is an index of 500 of the largest exchange-traded stocks in the US from a broad range of industries whose collective performance mirrors the overall stock market. Investors cannot invest directly in an index.
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