Q1 2024 Market and Economic Perspective
The complexion of the market is shifting in the short term, from a strong bull, to a bucking bull, or potentially an angry bear, either way we are prepared.
The complexion of the market is shifting in the short term, from a strong bull, to a bucking bull, or potentially an angry bear, either way we are prepared.
2024 already feels like a unique year to be an investor.
There are two ongoing wars with simmering geopolitical tensions, which threaten deeper U.S. involvement. The Federal Reserve appears poised to cut interest rates in 2024, but the timeline is far from certain. And perhaps most obviously, there are critical elections happening across the developed world, the most consequential of which is the U.S. presidential election.
As you may know, our firm has deep roots in the golf community and we are very thankful for our professional relationship with the PGA Tour and its members.
As you may know, our firm has deep roots in the golf community and we are very thankful for the professional relationship with the PGA tour and it's members. For years our firm has sponsored numerous golf events on the PGA tour along with select golf professionals.
When the Dow Jones Industrial Average (DJIA) was first published in 1896 by Charles Dow, the index stood at a level of 62.76. On Wednesday, 121 years later, the DJIA closed above 20,000 for the first time in its history! After inching closer over the course of several weeks and climbing within fractions of a point from 20,000 last Friday, the Dow opened on a strong note Wednesday and charged higher as the day went on.
Though 1,000-point gains are usually few and far between, the Dow blew through the 19,000 mark and reached 20,000 after only 42 trading days. Only once in the index’s history has it risen at a faster clip, when the index climbed from 10,000 to 11,000 back in 1999.
When the Dow Jones Industrial Average was created in 1896, it had about a dozen industrial stocks. The average expanded to 20 stocks in 1916 and 30 in 1928, where it remains today. Over the years, the index has seen a lot of turnover in its history - and only one of the original 12 members continues to hold a spot in it; General Electric.
Apple's addition to the current list of 30 American conglomerates, in March 2015, shows just how far the index has come. It's no longer focused only on "industrial" stocks as we now have technology, financial services, healthcare, and consumer cyclical companies in the mix.
Since the DJIA first hit a level of 1,000 in 1972, we have seen an average annual return of 9.6%. While the DJIA is a healthy indicator of domestic businesses, it does not represent what is taking place internationally. We continue to monitor the broader markets on a daily basis and welcome any questions you may have in regards to the Dow Jones or your investment accounts moving forward.
Sources:
http://www.1stock1.com/1stock1_139.htm
http://money.usnews.com/investing/articles/2016-12-19/5-things-everyone-should-know-about-dow-20-000