2019 was a banner year for investors. It started off much like 2018, off to the races to start the year, but thankfully finishing quite differently. It was the best year for the equity markets since 2013, with all major U.S. equity asset classes up more than 25 percent with the S&P 500 leading the way, up 31.5 percent. Small caps lagged, up “only” 25.5 percent. The equity markets recovered from the late 2018 swoon, approaching and then braking above all-time highs in the first half of the year, but hovered pretty close to that top for most of the year—until the decisive breakout in October that drove the market well into new high territory.
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