Last week, the US stock market indices were mixed as the Dow (-1.3%) dropped and the NASDAQ (+1.3%) and S&P 500 (+0.4%) each gained. Meanwhile, taxable and tax-free municipal bonds were roughly flat for the week.
The 3rd quarter corporate earnings season has concluded, with an average gain of 39% profits compared to the same quarter last year. That represents the 3rd largest gain since 2010, with the materials sector leading the way with an astonishing gain of 90%. Additionally, retail sales in October gained 1.7% over the prior month, demonstrating the largest monthly gain since March of this year. We are now heading into the holiday season, with a close eye on retail sales, especially with Black Friday in four days.
The views stated in this letter are not necessarily the opinion of Cetera Advisor Networks LLC and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.