OK, a couple of my clients have wondered why I haven’t bothered to comment on the recent gyrations in the market. Some of you might be wondering the same thing. I might well have commented last week when it appeared the sky was falling, but as it happened I was on vacation in St. John, one of the Caribbean islands hit hardest by last fall’s hurricanes (and happy to be there spending money, thereby helping the recovery efforts). Internet service on the island is still very sporadic, and we didn’t have any service where we were staying. Standing outdoors there last week, it was nice and warm, and the sky didn’t appear to be falling at all, just blue and beautiful.
Of course, by the time I returned the market indexes had begun to recover, and the Dow Jones Industrials and the S&P 500 ended this week up 4.3% each, their biggest gain in five years. Stocks are still off their recent record highs, but certainly things appear to have stabilized.