What a difference a year can make. As discussed in the 2016 Fourth Quarter Market Overview it was less than one year ago that markets were in a mini melt-down due primarily to global economic concerns.
While we are in the fourth longest economic expansion in U.S. history, growth continues at a slow pace. U.S. growth, as measured by the Gross Domestic Product (GDP), was below its historical average of 3.2% for the first quarter of 2016.
Increasing concern about China’s economy, accompanied by a modest (but unexpected) devaluation of their currency, led to a sharp drop in global equity markets in late August, with the S&P 500 Index falling 12% from its high reached just a mont