Fourth Quarter – “Political Spirits”

Fourth Quarter – “Political Spirits”

In the final weeks of 2018, domestic equity markets experienced an incredible level of volatility as they joined the global selloff in risk assets. Overall markets finished the year in negative territory, with the S&P 500, the MSCI EAFE, and the MSCI Emerging indices declining by 4.4%, 13.8%, and 14.6%, respectively. Compared to the halcyon days of 2017, during which US markets experienced no moves greater than 3%, and 2016, when there were five such days, 2018 was much more of a rollercoaster ride, with 15 days in which the market moved by more than 3%.