Market Comments: As of August 2015
After nearly 47 months without a 10.0% price decline, the S&P 500 broke that streak in mid-August. Concern over the highly volatile stock market in China, and fears that the country’s economy is slowing much more than anticipated, pulled down equity prices around the globe. For the month, the S&P 500 lost 6.03%, and is now in negative territory year-to-date. It is a similar story for international stocks, which were down 7.36% in August, but have declined slightly less for the year. Looking past the stock market headlines, there was mostly good economic news out of the United States. 2nd Quarter GDP growth was revised up to 3.7% from 2.3%, and various housing and consumer data suggest that the domestic economy remains on sound footing.