This year began with a decided down draft for the markets. An improvident rate increase by the Federal Reserve of 25 basis points in December sent an already weak market into a tailspin. Indeed, the indices dropped nearly ten percent into correction territory, the worst start for the markets in history. The market bottomed this year on February 11 and then began an upward climb. Stocks leading the way were interest- sensitive Utilities, because bond yields had dropped so low. Also strong were the previously beaten down Energy stocks. They recovered on the theory that they had dropped so far that they would not go down further, and were due for a recovery. Although this does not always work as an investment strategy, in this case it did. Despite a slowing growth rate for petroleum worldwide, Energy is up 15.3% for the year through July 12.
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