Woodstock Quarterly Newsletter / Winter 2018
2017 was a phenomenal year for stocks, with the S&P 500 Index returning 21.8%. The NASDAQ Composite Index returned 29.6%, and the Dow Jones Industrial Average returned 25.1%. Internet stocks drove the market, but the Dow’s cyclical stocks also performed well. Many international markets had strong double-digit gains in US Dollars as well, helped by a 10% decline in the currency over the year. The S&P 500 Index has generated positive returns for fourteen months in a row, the longest such stretch since 1959. Stock market volatility also has fallen to the lowest level we have seen in years. This strong, consistent performance has buoyed sentiment and fostered some level of speculative interest.