2022 was a notable year in the financial markets, but not for anything positive. As you’ve no doubt read by now, it was the worst year since 2008 and that goes for all three major averages. The S&P 500 declined by 19%, the Dow Jones Industrial Average by 9% and the Nasdaq by 33%. Read More >>

It was another tough quarter with no let up in volatility or troubling economic news. While the drop in the market is tough to watch, we remain focused on the long-term picture. Jon Phillips, one of our managers, recently reminded me of the Winston Churchill quote: “If you’re going through Hell, keep going.” Read More >>

The close of the second quarter for the equity and bond markets provided no relief to investors; the retreat from year-end all-time highs that began at the start of 2022 only accelerated. According to Morningstar, their stock market index dropped an additional 16.9% to bring year-to-date declines to 21.3%. Similarly, the Dow Jones Industrial Index showed quarterly losses of 12.7% and year-to-date losses of 16.14%. Read More>

One year ago, in March of 2020, investors experienced the sharpest decline in the stock market averages since the mid-1980’s. Covid 19 and the economic havoc wreaked by the pandemic were the culprits, taking the Dow Jones Industrial Average from 29,219 on February 20 to 20,188 on March 16, a decline of 31% in three weeks. This was the “Black Swan” event presciently predicted by Colleen MacPherson, Penobscot’s Director of Research, in her year-end letter of 2019.  Read More >>

We are all experiencing the winds of great change , both socially and economically. Surprisingly, the stock market, which is a forward-looking indicator, seems unfazed, rising as much as 44% off its bottom in late March. The broader economic indicators, many backward-looking, paint a vastly different picture and seem to indicate that we have slipped into a recession. Despite the setbacks, incremental rises in returning jobs and retail re-openings – a key economic indicator – continue to set the stage for a slow recovery.  Read More >>

Penobscot Investment Management would like to send a word of thanks to all of you, our clients, for the confidence and trust you have in our firm. The relationships we have forged with each of you are based on an unwavering commitment we have to helping you achieve your financial goals, no matter the circumstances. This will be a difficult time to navigate but remember we will get through this together, working as one.  Read More >>