Penobscot Investment Management
Penobscot Investment Management

News

Quarterly newsletters and announcements

Fourth Quarter, FY2018 newsletter

The S&P 500 lost momentum in the final weeks of 2018 preventing what was developing into another record-breaking year.  Instead, markets recorded the first year of negative returns since 2008. Since February, market sentiment seemed to reflect indifference to adverse news, especially in the context of lower corporate tax rates.

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colleen barry
Third Quarter, FY2018 newsletter

On August 22nd the U.S. marked the longest growth streak in history. In the third quarter ending September 30, the S&P 500 Index had its biggest quarterly advance since the fourth quarter of 2013, soaring 7.7%. The Dow Jones Industrial Average was up more than 2,100 points or 9.6%.

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Second Quarter, FY2018 newsletter

In the quarter that ended on June 30, the stock market exhibited a classic see-saw pattern, as investors reacted positively and negatively to the news from both Washington and abroad. The delivery of news was omnipresent, with tweets from the President as early as 4am on many mornings.

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First Quarter, FY2018 newsletter

Volatility is a normal market occurrence. The market is rarely in stasis. Share prices are in constant motion, typically (although not always) by small increments. However, when we consider that publicly traded companies release their most closely watched news, i.e. quarterly earnings, four times annually, the changes in share prices outside of those earnings releases are often unrelated to company-specific events.

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