The market reacted in a meaningful way last week to the political drama coming from the White House, suffering the biggest one day drop in eight months, setting the market on edge. However, now that a special prosecutor has been named who has subpoena power, rumors should subside since he has THE power to go to the rumor source (think insider trading). By Friday, the market gained back almost all of the selloff, ending down 0.32%.
Portfolio Management and Cash Today’s S&P 500 is one of the three most overvalued markets in U.S. history based upon a number of metrics, including price-to-GDP, price-to-sales, price-to-book value and the CAPE (Cyclically Adjusted PE).
Money Market ranks 43 for the week ending 4-28-2017 with US Equities, Europe and Developed Markets leading the pack.
The US stock market had a strong week with the S&P 500 Index returning 0.85% and the Nasdaq Composite Index gaining 1.82%. The positive movement came amid a positive earnings week and comments from Treasury Secretary Steven Mnuchin that tax cuts will be revealed this week.