September 2016 Insight 

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Adam E Bray CFP®
Chief Investment Officer

Turn the page and close the chapter on a dull August

We may be near a record high, but using closing prices, the S&P 500 traded in a 1.54% range in August. This is the smallest monthly range since August 1995. In fact, only six months have had a narrower monthly span, dating back to 1928.

  MTD% YTD% 3-Year*%
Dow Jones Industrial Average -0.2% +5.6 +7.5
NASDAQ Composite +1.0 +4.1 +13.2
S&P 500 Index  -0.1 +6.2 +10.0
Russell 2000 Index +1.6 +9.2 +7.0
MSCI World ex-USA** -0.2 -0.4 -0.4
MSCI Emerging Markets** +2.3 +12.5 -1.3

Source: Wall Street Journal,
MTD returns: July 29, 2016—August 31, 2016
YTD returns: December 31, 2015—August 31, 2016
**in US dollars

A review of the returns for the major averages tells a similar story. The NASDAQ Composite posted a modest gain in August, while the Dow and the S&P 500 inched lower. The term “dog days of summer” could not have been more suitable this year.

A quick review of the economic data reveals an economy that has recently gained a bit of momentum. It’s not the fast-paced growth we experienced during the 1980s or the “brimming with confidence” economy of the late 1990s. But the improvements are cautiously encouraging.

Though business spending remains weak, employment growth has accelerated1, weekly first-time jobless claims are holding at historically low levels2, and consumer spending has come out of its winter hibernation3.

I hope you’ve found this review to be educational and helpful. As I always emphasize, it is my job to assist you. If you have any questions or would like to discuss any matters, please feel free to call the office: (614) 471-2211.

Best Regards,

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Adam E Bray CFP®
Chief Investment Officer

1 U.S. Bureau of Labor Statistics
2 Dept. of Labor
3 U.S. Bureau of Economic Analysis

These are the opinions of Chief Investment Officer Adam E Bray CFP® and not necessarily those of Cambridge. The views expressed herein are for
informational purposes only and should not be construed or acted upon as individualized investment advice. Indices mentioned are unmanaged and cannot be invested
into directly. Past performance is not a guarantee of future results.