Thoughts on the Market
Stock market volatility is back. Last year, it seemed like no headline could shake the extraordinary calm of the market, and the largest peak-to-trough move in the S&P 500 was just 2.8%. As we saw yesterday, this year even minor news can move the market over 3% in just a few hours. What changed? Let’s start in January. From 12/31/17 to 1/26/18, the S&P 500 Total Return Index rose 7.6%. Then from 1/27/18 to 2/8/18, the S&P 500 Total Return…