Market Commentaries

• Fourth Quarter, 2007
  The volatility in the stock markets remained high for the quarter. After recovering from a correction (defined as more than 10% decline)... read more (PDF file)

• Third Quarter, 2007
  The stock market was on a roller-coast ride for the quarter. After hitting historical highs for both the Dow Jones Industrial Average... read more (PDF file)

• Second Quarter, 2007
  It was a profitable quarter for investors and the best second quarter since 2003 in the stock market was no small achievement ... read more (PDF file)

• First Quarter, 2007
  The first quarter was a tale of two markets. Initial upbeat reports on the economy and corporate profits sent stock prices higher steadily ... read more (PDF file)

Fourth Quarter, 2006
The upward momentum started in August 2006 continued to the finish of the year. The Dow Jones Industrial Average ... read more (PDF file)

• Third Quarter, 2006
  After hitting the bottom on July 21, the stock markets in the U.S.A. began to climb strongly. The Dow Jones Industrial Average ... read more (PDF file)

• Second Quarter, 2006
  After enjoying the best first quarter since 2002, the stock market in the United States experienced the worst second quarter since 2002.... read more (PDF file)

• First Quarter, 2006
  After modest gains in the fourth quarter of 2005, the stock market in the United States has seen the best first quarter since 2002.... read more (PDF file)

• Fourth Quarter, 2005
  After strong gains in the third quarter, the stock market managed to go up a little more in the fourth quarter. For the whole year,... read more (PDF file)

• Third Quarter, 2005
  After modest declines in the first two quarters, the stock market managed to show some strength in the third quarter. ... read more (PDF file)

Second Quarter, 2005
After modest declines in the first quarter, the stock market managed to show some strength in the second quarter. Solid growth ... read more (PDF file)

• First Quarter, 2005
  After significant gains in the fourth quarter of 2004, the stock market in the United States has again been stuck in a narrow trading range ... read more (PDF file)

• Fourth Quarter, 2004
  The stock market ended year 2004 on a cheery note. After a lackluster and mostly lower first three quarters, stocks came on ... read more (PDF file)

Third Quarter, 2004
Just as in the first and second quarters, the stock market was trading in a narrow range again in the third quarter of 2004.... read more (PDF file)

Second Quarter, 2004
After significant gains in 2003, the stock market has been trading in a narrow range so far in 2004. The improvement ... read more (PDF file)

• First Quarter, 2004
  The stock market lost some of the upward momentum in the first quarter and was basically flat.  In the first quarter, ... read more (PDF file)