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October 23, 2014

3Q 2014 Market Commentary

The S&P 500 Stock Index has gained 8.3% through the end of September so far this year, including dividends, and the Barclays Intermediate U.S. Treasury Bond Index increased by 1.6% as interest rates in 2014 have slightly decreased.  The financial markets have surprised many investors with stronger-than-expected performance over the past year.  Therefore, it is not surprising to see some consolidation in prices over the last few weeks.  We remain cautiously optimistic for headed into the fourth quarter of the year, and we still believe it is wise to own equities, fixed income and some cash equivalents in a balanced portfolio.  Earnings reporting season for the third quarter will begin this month, and we hope to see more positive than negative corporate earnings surprises announced by our companies whose stock we own.

This information is for general use and does not constitute individual investment, legal or tax advice. Investments involve risk and an investor may incur a profit or loss. Past performance is not indicative of future results. Investment products: Are Not FDIC Insured, May Lose Value, and Are Not Bank Guaranteed.

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