Last month, the bull market turned two years old. Since bottoming on October 12, 2022, the S&P 500 Index has advanced 60% through the last day of October, according to S&P 500 data from the St. Louis Federal Reserve.
Last month, the Federal Reserve announced its first rate cut since early 2020, lopping one half of one percent (0.50%) off the fed funds rate, bringing the key rate down to 4.75 – 5.00%.
Last month, we cautioned you about a calendar quirk that sometimes surfaces in August and September. Briefly, “Since 1970, the average monthly return for the S&P 500 Index (excluding dividends) has been +0.09% during August and -0.96% in September, according to S&P 500 data provided by the St. Louis Federal Reserve.”
On July 10, the Nasdaq Composite hit a fresh, all-time high—one of many highs recorded this year.
The Artificial Intelligence revolution is powering significant gains in technology shares and the S&P 500 and is driving headlines.
The stock market is a classroom. And it’s important to find good teachers, study their method, and implement what they teach. Finding successful investors is something that I’m always on the lookout for.