Monthly Archives: November 2018

Market Week: November 26, 2018

Key Dates/Data Releases

11/28: GDP, international trade in goods, new home sales

11/29: Personal income and outlays

 

The Markets (as of market close November 23, 2018)

Trading volume may have been slower than usual during the Thanksgiving holiday week, but that didn’t stop the downward spiral for stocks. Tumbling oil prices, which fell to their lowest levels in over a year, pulled energy shares downward and raised fears of an economic slowdown. Each of the benchmark indexes listed here fell sharply last week, headed by the Dow, followed closely by the Nasdaq. As stocks regularly hit new highs earlier in the year, pushing values higher than their 2017 closing marks, all of those gains have frittered away these past few months. Of the indexes listed here, only the Nasdaq is still ahead of its 2017 year-end price — but only barely. Each of the other indexes have fallen notably below last year’s respective values.

Oil prices continued to fall, plummeting to $50.39 per barrel by late Friday, down from the prior week’s closing price of $56.77 per barrel. The price of gold (COMEX) gained for the second week in a row, climbing to $1,223.40 by Friday evening, up from the prior week’s price of $1,221.70. The national average retail regular gasoline price was $2.611 per gallon on November 19, 2018, $0.075 lower than the prior week’s price but $0.043 higher than a year ago.

Market/Index 2017 Close Prior Week As of 11/23 Weekly Change YTD Change
DJIA 24719.22 25413.22 24285.95 -4.44% -1.75%
Nasdaq 6903.39 7247.87 6938.98 -4.26% 0.52%
S&P 500 2673.61 2736.27 2632.56 -3.79% -1.54%
Russell 2000 1535.51 1527.53 1488.68 -2.54% -3.05%
Global Dow 3085.41 2925.22 2852.37 -2.49% -7.55%
Fed. Funds target rate 1.25%-1.50% 2.00%-2.25% 2.00%-2.25% 0 bps 75 bps
10-year Treasuries 2.41% 3.06% 3.03% -3 bps 62 bps

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 

Last Week’s Economic Headlines

  •          The pace of home building picked up in October, but applications for building permits and home completions each fell below their respective September rates. Applications for building permits were 0.6% below their September pace, while home completions dropped 3.3% from their September estimate. On the other hand, housing starts were 1.5% above their September figures, which should add to new home inventory for November. A comparison of year-on-year rates shows how much the housing sector has slowed. Building permits are down 6.0% from October 2017, housing starts are off by 2.9%, and housing completions are 6.5% below last year’s pace.
  • For the first time in seven months, sales of existing homes expanded. Total existing home sales increased 1.4% in October from September, yet are still down 5.1% compared to a year ago. The median existing-home price in October was $255,400, which is down from September’s price of $256,900 but up from the October 2017 price ($246,000). Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, representing a 4.3-month supply at the current sales pace.
  • New orders for durable goods fell for the third time in the last four months in October. New orders dropped 4.4% from September. Transportation equipment, down 12.2% following two consecutive monthly increases, drove the decrease. Excluding transportation, new orders increased 0.1%. Shipments of durable goods decreased 0.6% in October, while unfilled orders declined 0.2% following eight consecutive monthly increases. Inventories, down two of the last three months, were virtually unchanged from September.
  • For the week ended November 17, the advance figure for seasonally adjusted initial claims for unemployment insurance was 224,000, an increase of 3,000 from the previous week’s level, which was revised up by 5,000. According to the Department of Labor, the advance rate for insured unemployment claims remained at 1.2% for the week ended November 10. The advance number of those receiving unemployment insurance benefits during the week ended November 10 was 1,668,000, a decrease of 2,000 from the prior week’s level, which was revised down by 6,000.

Eye on the Week Ahead

The last week of the month offers several important economic reports, including the second report on gross domestic product for the third quarter. The initial report showed the economy grew at an annual rate of 3.5%. With consumer spending continuing to show strength, the GDP is not expected to vary significantly from last month’s growth rate.

 

Data sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

 

IMPORTANT DISCLOSURES

Content has been provided by Broadridge Investor Communication Solutions, Inc.  Broadridge does not provide Investment, tax or legal advice.  The information presented here is not specific to any individual’s personal circumstances.

This publication is provided as a service to clients and associates of PFA solely for their own use and information.  The material is derived from sources believed to be reliable but its accuracy and the opinions based thereon are not guaranteed and have not been verified.  The content in this publication is for general information and education purposes only and not intended to serve as individual investment advice.  You should seek independent advice from a professional based on your individual circumstances.  The information in these materials may change at any time without notice.  To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.  Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

This communication is strictly intended for individuals residing in the state(s) of CA, FL, IL, MO and TX. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.

Market Week: November 19, 2018

The Markets (as of market close November 16, 2018)

Volatility best describes last week in the market, as each of the benchmark indexes listed here lost value. Apparently, investors may be having trepidations about ongoing business growth and fear that the economy is slowing. Declining oil prices have also contributed to diminishing stock index values. Even optimistic rhetoric between the United States and China wasn’t enough to quell investors’ concerns. Following last week’s slide, the indexes listed here are moving closer to their 2017 year-end values. In fact, the small caps of the Russell 2000 have given back all of the gains garnered during the year and are now below last year’s closing mark. Even the Nasdaq, which has led the way for much of the year reaching double digit year-to-date gains, is now only roughly 5.0% ahead of its 2017 year-end value. Long-term bond prices rose as the yield on 10-year Treasuries fell 12 basis points last week.

Oil prices continue to fall, dropping to $56.77 per barrel by late Friday, down from the prior week’s closing price of $59.83 per barrel. The price of gold (COMEX) reversed course from prior weeks, climbing to $1,221.70 by Friday evening, up from the prior week’s price of $1,209.90. The national average retail regular gasoline price was $2.686 per gallon on November 12, 2018, $0.067 lower than the prior week’s price but $0.094 higher than a year ago.

Market/Index 2017 Close Prior Week As of 11/16 Weekly Change YTD Change
DJIA 24719.22 25989.30 25413.22 -2.22% 2.81%
Nasdaq 6903.39 7406.90 7247.87 -2.15% 4.99%
S&P 500 2673.61 2781.01 2736.27 -1.61% 2.34%
Russell 2000 1535.51 1549.49 1527.53 -1.42% -0.52%
Global Dow 3085.41 2954.43 2925.22 -0.99% -5.19%
Fed. Funds target rate 1.25%-1.50% 2.00%-2.25% 2.00%-2.25% 0 bps 75 bps
10-year Treasuries 2.41% 3.18% 3.06% -12 bps 65 bps

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 

Last Week’s Economic Headlines

·         October, the first month of fiscal year 2019, saw the government deficit reach $100.5 billion (59% higher than last October). Receipts totaled $252.7 billion. The government spent $353.2 billion. Of receipts, individual income taxes accounted for $129 billion, while corporate income taxes contributed $8 billion. The largest government expenditures in October were for Social Security ($84 billion), defense ($69 billion), and Medicare ($53 billion).

·         Prices consumers paid for goods and services rose 0.3% in October, after inching up 0.1% in September. Over the last 12 months, the Consumer Price Index has risen 2.5%. An increase in gas prices was responsible for over one-third of the October price increase. The CPI less food and energy rose 0.2% for the month, and is up 2.1% over the last 12 months.

·         A spike in prices for gas, building materials, and autos pushed retail sales up 0.8% in October over the prior month and 4.6% higher than October 2017. Sales, excluding the aforementioned items (otherwise referred to as “control group sales”), rose a more moderate 0.3% for the month. Restaurant sales actually fell 0.2%, following monthly declines in September and August. Heading into shopping season, this report gives an indication that sales will be healthy, if not robust, in November and December.

·         According to the Bureau of Labor Statistics, prices for imports increased 0.5% in October following a 0.2% increase in September. This is the highest monthly increase in import prices since a 0.9% jump in May. Over the last 12 months ended in October, import prices have increased 3.5%. Expanding fuel prices (up 3.3%) were a major contributor to the import price increase. Excluding fuel, import prices edged up 0.2% for the month. Export prices advanced 0.4% after recording no change in September. The October advance was the largest monthly increase since the index rose 0.7% in May. For the 12 months ended in October, export prices are up 3.1%.

·         Industrial production edged up 0.1% in October, as a gain for manufacturing outweighed decreases in mining (-0.3%) and utilities (-0.5%). Overall, the index for industrial production is 4.1% ahead of October 2017.

·         For the week ended November 10, the advance figure for seasonally adjusted initial claims for unemployment insurance was 216,000, an increase of 2,000 from the previous week’s level. According to the Department of Labor, the advance rate for insured unemployment claims increased 0.1 percentage point to 1.2% for the week ended November 3. The advance number of those receiving unemployment insurance benefits during the week ended November 3 was 1,676,000, an increase of 46,000 from the prior week’s level, which was revised up 7,000.

 

Eye on the Week Ahead

Thanksgiving week is typically a slow one for market activity. However, there are a few reports out this week that bear watching. October’s housing starts and existing home sales reports are out this week. The housing sector has been slow and is unlikely to pick up much steam as the fall season blends into winter.

Data sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

 

IMPORTANT DISCLOSURES

Content has been provided by Broadridge Investor Communication Solutions, Inc.  Broadridge does not provide Investment, tax or legal advice.  The information presented here is not specific to any individual’s personal circumstances.

This publication is provided as a service to clients and associates of PFA solely for their own use and information.  The material is derived from sources believed to be reliable but its accuracy and the opinions based thereon are not guaranteed and have not been verified.  The content in this publication is for general information and education purposes only and not intended to serve as individual investment advice.  You should seek independent advice from a professional based on your individual circumstances.  The information in these materials may change at any time without notice.  To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.  Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

This communication is strictly intended for individuals residing in the state(s) of CA, FL, IL, MO and TX. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.

Market Week: November 12, 2018

The Markets (as of market close November 9, 2018)

Despite a fall at the end of the week, stocks rode a midweek push to finish in the black. Oil prices officially reached bear territory, hitting their largest price drop in many years. What looked like a very strong week ended with just minor gains for each of the indexes listed here. The Dow led the way, closing last week almost 3.0% ahead of its prior week’s value. The S&P 500 was close behind, gaining over 2.0%. Domestically, the tech stocks of the Nasdaq and the small caps of the Russell 2000 were hit hardest by last Friday’s sell-off, each index losing most of the gains achieved earlier in the week. Year-over-year, the Nasdaq continues to lead the way, followed by the Dow and the S&P 500. The Russell 2000, which had made considerable gains earlier in the year, has given most of them back. Feeling the ongoing effects of global-growth concerns, the Global Dow has lost value from its 2017 closing mark.

Down 21% from its October high, the price of crude oil (WTI) continued to slide on concerns of oversupply, as prices fell to $59.83 per barrel by late Friday, down from the prior week’s closing price of $62.89 per barrel. The price of gold (COMEX) lost value again last week, dropping to $1,209.90 by Friday evening, off from the prior week’s price of $1,234.50. The national average retail regular gasoline price was $2.753 per gallon on November 5, 2018, $0.058 lower than the prior week’s price but $0.192 higher than a year ago.

Market/Index 2017 Close Prior Week As of 11/9 Weekly Change YTD Change
DJIA 24719.22 25270.83 25989.30 2.84% 5.14%
Nasdaq 6903.39 7356.99 7406.90 0.68% 7.29%
S&P 500 2673.61 2723.06 2781.01 2.13% 4.02%
Russell 2000 1535.51 1547.98 1549.49 0.10% 0.91%
Global Dow 3085.41 2930.66 2954.43 0.81% -4.25%
Fed. Funds target rate 1.25%-1.50% 2.00%-2.25% 2.00%-2.25% 0 bps 75 bps
10-year Treasuries 2.41% 3.21% 3.18% -3 bps 77 bps

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 

Last Week’s Economic Headlines

·         As expected, the Federal Reserve Open Market Committee refrained from raising the federal funds rate following its meeting last week. While describing economic activity and job gains as strong, the Committee noted that business investment has moderated. There is one more rate hike in the offing this year, which, if it occurs, would follow FOMC’s December 19 meeting.

·         Producer prices climbed 0.6% in October following a 0.2% rise in September. Much of the increase last month was attributable to a 1.6% jump in trade services. Excluding food, energy, and trade services, producer prices inched up 0.2%. Year-over-year, producer prices are up 2.9% (2.8% excluding food, energy, and trade services).

·         After reaching a high of 7.3 million job openings in August, the number of job openings fell by 284,000 in September, according to the latest Job Openings and Labor Turnover report. Notable job losses occurred in professional and business services (118,000), finance and insurance (82,000), and state and local government (67,000). The number of hires in September was 5.7 million, after reaching a revised series high of 5.9 million in August. There were about 5.7 million total separations, which includes quits, layoffs, and discharges. Overall, there were still many more job openings than those considered unemployed.

·         While growth in the services sector continued to show strength in October, expansion slowed compared to September. According to the Non-Manufacturing ISM® Report On Business®, business activity, new orders, employment, and prices each grew in October, but at a slower pace than in the prior month.

·         For the week ended November 3, the advance figure for seasonally adjusted initial claims for unemployment insurance was 214,000, a decrease of 1,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims remained at 1.1% for the week ended October 27. The advance number of those receiving unemployment insurance benefits during the week ended October 27 was 1,623,000, a decrease of 8,000 from the prior week’s level.

 

Eye on the Week Ahead

The first Treasury budget report for fiscal 2019 is out this week with the release of October’s figures. The 2018 budget deficit was over $100 billion greater than the 2017 deficit. The Consumer Price Index and the report on retail sales for October are released this week. Consumer prices have gone up, but not at the pace of consumer income and spending.

Data sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

 

IMPORTANT DISCLOSURES

Content has been provided by Broadridge Investor Communication Solutions, Inc.  Broadridge does not provide Investment, tax or legal advice.  The information presented here is not specific to any individual’s personal circumstances.

This publication is provided as a service to clients and associates of PFA solely for their own use and information.  The material is derived from sources believed to be reliable but its accuracy and the opinions based thereon are not guaranteed and have not been verified.  The content in this publication is for general information and education purposes only and not intended to serve as individual investment advice.  You should seek independent advice from a professional based on your individual circumstances.  The information in these materials may change at any time without notice.  To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.  Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

This communication is strictly intended for individuals residing in the state(s) of CA, FL, IL, MO and TX. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.

Market Week: November 5, 2018

The Markets (as of market close November 2, 2018)

Stocks posted a solid week of returns for the first time in several weeks, pulling all but one of the major benchmark indexes listed here into positive territory for the year to date. A strong labor report helped push stocks higher at the end of last week, while somewhat positive tweets from President Trump following discussions with Chinese president Xi also helped quell investors’ concerns over the ongoing tariff war. Small caps fared the best last week, led by the Russell 2000. Global stocks also reversed course as the Global Dow climbed over 3.0%. The Nasdaq, S&P 500, and the Dow each posted strong returns by last week’s end. Not surprisingly, long-term bond prices fell, driving yields higher.

The price of crude oil (WTI) fell notably last week, closing at $62.89 per barrel by late Friday, down from the prior week’s closing price of $67.69 per barrel. The price of gold (COMEX) lost value for the first time in several weeks, dropping to $1,234.50 by Friday evening, off from the prior week’s price of $1,236.10. The national average retail regular gasoline price was $2.811 per gallon on October 29, 2018, $0.030 lower than the prior week’s price but $0.323 higher than a year ago.

Market/Index 2017 Close Prior Week As of 11/2 Weekly Change YTD Change
DJIA 24719.22 24688.31 25270.83 2.36% 2.23%
Nasdaq 6903.39 7167.21 7356.99 2.65% 6.57%
S&P 500 2673.61 2658.69 2723.06 2.42% 1.85%
Russell 2000 1535.51 1483.82 1547.98 4.32% 0.81%
Global Dow 3085.41 2843.00 2930.66 3.08% -5.02%
Fed. Funds target rate 1.25%-1.50% 2.00%-2.25% 2.00%-2.25% 0 bps 75 bps
10-year Treasuries 2.41% 3.07% 3.21% 14 bps 80 bps

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 

 

Last Week’s Economic Headlines

·         October saw a whopping 250,000 new jobs added while the unemployment rate remained at 3.7%, according to the Bureau of Labor Statistics. Job gains occurred in health care, manufacturing, construction, and transportation and warehousing. There were about 6.1 million unemployed — down almost 450,000 from a year ago. The labor force participation rate increased by 0.2 percentage point to 62.9%. The employment-population ratio edged up by 0.2 percentage point to 60.6% in October and had increased by 0.4 percentage point over the year. The average workweek increased by 0.1 hour to 34.5 hours in October. Also in October, average hourly earnings for all employees rose by $0.05 to $27.30. Over the year, average hourly earnings have increased by $0.83, or 3.1%.

·         The trade deficit continued to expand in September. The goods and services deficit was $54.0 billion, or 1.3%, in September, up $0.7 billion from August. September exports increased by $3.1 billion, while imports were $3.8 billion more than August imports. Year-to-date, the goods and services deficit increased $40.7 billion, or 10.1%, from the same period in 2017. Exports increased $143.8 billion, or 8.2%. Imports increased $184.5 billion, or 8.6%.

·         Consumers’ income rose by 0.2% in September, while spending jumped 0.4%, according to the latest report from the Bureau of Economic Analysis. Disposable (after-tax) personal income also rose by 0.2% for the month. Inflation was steady as prices for consumer goods and services increased 0.1%. However, excluding food and energy, prices bumped ahead by 0.2%. For the year, consumer prices are up 2.0%, right at the inflation target set by the Federal Reserve.

·         Reaching a five-month high, a spurt in new orders helped drive manufacturing in October, according to Markit’s report on manufacturing. The bump in new orders coupled with efforts to clear backlogs drove new hires, which also outpaced September’s rate.

·         The October 2018 Manufacturing ISM® Report On Business®, not atypically, differed in its assessment of manufacturing conditions compared to Markit’s survey. The ISM® report had new orders, as well as production and employment, decrease. Oftentimes, the difference between the surveys lies in the number of purchasing managers who respond to each survey and how the responses are weighted.

·         For the week ended October 27, the advance figure for seasonally adjusted initial claims for unemployment insurance was 214,000, a decrease of 2,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims remained at 1.1% for the week ended October 20. The advance number of those receiving unemployment insurance benefits during the week ended October 20 was 1,631,000, a decrease of 7,000 from the prior week’s level, which was revised up by 2,000. This is the lowest level for insured unemployment since July 28, 1973, when it was 1,603,000.

 

Eye on the Week Ahead

The Federal Open Market Committee meets this week. Speculation is that the Committee will maintain interest rates at their current level, although that is not a certainty.

Data sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

IMPORTANT DISCLOSURES

Content has been provided by Broadridge Investor Communication Solutions, Inc.  Broadridge does not provide Investment, tax or legal advice.  The information presented here is not specific to any individual’s personal circumstances.

This publication is provided as a service to clients and associates of PFA solely for their own use and information.  The material is derived from sources believed to be reliable but its accuracy and the opinions based thereon are not guaranteed and have not been verified.  The content in this publication is for general information and education purposes only and not intended to serve as individual investment advice.  You should seek independent advice from a professional based on your individual circumstances.  The information in these materials may change at any time without notice.  To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.  Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

This communication is strictly intended for individuals residing in the state(s) of CA, FL, IL, MO and TX. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.