Investment Review - April 2023
- Despite the tumult in the banking sector, the general markets rallied in March of 2023, with the S&P500 posting a +3.5% return, the Dow Jones +1.89%, and the Nasdaq leading the way with +6.69%. Growth and tech have come back into favor as inflation prints show a decline from the peak, and the equity market hopes the Fed decides to slow rate increases, and even terminate the tightening cycle sooner than anticipated.
- Large-Cap regional bank stocks have retreated in March after the credit freeze of SVB and Signature. These stocks now trade as a group at 7 times forward earnings, the lowest level since the financial crisis. While the markets have been volatile, we remain focused on our investment process and quality bias.
Key Investment Statistics
Source: Empirical Research Partners, FactSet, Bloomberg, WSJDisclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.
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