Market Commentary May 2019

The final full trading week in April was an historical one for the US stock market, as the S&P 500 and Nasdaq Composite both reached all-time closing highs. The bull market could not have climbed so high in such a short span without a formidable wall of worry. The year began with the market beset with worries: about interest rates, the economy and the Mueller Report. One by one, those worries have melted away. The Fed has not quite reversed course, despite calls for rate cuts, but has definitively hung up the “closed for the season” sign. Economic figures have been robust and the Mueller Report means the headline risk of a severe Washington upheaval is severely diminished.