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“In God We Trust”, money and then there’s Florida.
I’m a big fan of God. Trust too. But that phrase on money? Not so much. Money, after all, is simply one convenient way of exchanging services for goods/services for goods. Or, paying for stuff we want. In other words, money isn’t a God thing it’s an economic one.
That said, October 1, 2017 marked the 60th anniversary of the inclusion of the phrase “In God We Trust” on our $1 paper currency. Prior to 1967, God wasn’t part of our paper bills. The phrase “E pluribus unum” was. Translated it means “out of one, many”.
I remember when that change occurred and wondered why the need for the change. “E pluribus unum” seemed to be a perfectly good, reasonable, common sense political phrase and the other so religiously focused. Wasn’t there supposed to be a separation of state and church? At least that’s how it looked to me, then a young Minnesotan. That however wasn’t the mid-1950s thinking of a Florida politician.
Floridian Representative Charles Edward Bennet was the guy who had enough influence to get “E pluribus unum” erased from our paper currency and replaced with “In God We Trust”.
According to Wikipedia, Bennet’s “ staunch ethical stance appeared to be too much for his colleagues in the House of Representatives, who nicknamed him, “Mr. Clean”.
FYI, “In God We Trust” had been the accepted state motto for Florida since the 1800s but wasn’t officially adopted until 2006 when Gov. Jeb Bush signed a House Bill making it so.
From where I sit, it looks as though we were a more common sense economically sound nation before God made his way on to our money.
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Market Quick Glance
As of yet there’s been no stopping the bull running on Wall Street.
At the close of business on Friday, September 29, 2017, the Dow Jones Industrial Average had posted its first 8-quarter win streak in 20 years, according to CNBC.com.
Additionally, all three of the other indices followed here were up for the week with the Russell 2000 scoring the most. On a tear for the past few weeks, that index closed locking in a new high.
Below are the weekly and 1-year index performance results— including the dates each reached new highs—according to CNBC.com based on prices at the close of business on Friday, September 29, 2017.
-DJIA +13.37 YTD up a bit from last week’s 13.09%.
- 1 yr Rtn +23.49% up from last week’s 21.51%
A new all-time high for the DJIA of 22,419.51 was reached on Sept. 21, 2017. The previous high of 22,275.02 was reached on September 15, 2017.
On March 1, the all-time high on that date for the year was 21,169.11.
-S&P 500 +12.53 % YTD up from last week’s 11.76%.
- 1yr Rtn +17.12% up a lot from last week’s +14.93%
The S&P 500 reached a new high of 2,519,44 on September 29, 2017. The previous high of 2,508.85 was reached on September 20, 2017.
On March 1, 2017, that index closed at its then all-time high of 2,400.98.
•NASDAQ +20.67% YTD up from last week’s +19.39%.
- 1yr Rtn +23.28% up from last week’s 20.37%
The Nasdaq reached its latest new all-time high of 6,497.98 on September 29, 2017. Its previous high of 6,477.77 was reached on September 18, 2017.
On April 5, 2017 the index closed at 5,936.39.
-Russell 2000 +9.85% YTD up a heap from last week’s +6.90%.
- 1yr Rtn +20.45% up considerably from last week’s +14.83%
The Russell 2000 reached a brand new all-time high of 1493.56 on September 29, 2017.Its previous high was reached on July 25, 2017 of 1,452.09.
On March 1, 2017 the then high of this index was 1,414,82.
-Mutual funds
Mutual fund average performance figures continue onward and upward.
The year-to-date average cumulative total reinvested return for equity funds falling under the broad U.S. Diversified Equity Funds heading ended the week at 11.86% on Thursday, September 28, 2017. That average is up from the previous week’s close of 10.7%, according to Lipper.
According to Bespoke, here are the year-to-date Asset Class Performance total returns, through 9/30/17, for various countries. Those with the greatest gains include Italy, up 31.89%, Hong Kong, up 28.90% and Spain, up 28.49%.
On the less-but-still-up side include: Russia, up 5.04%, Canada, up 11.58% and Japan, up 14.75%.
Visit www.allaboutfunds.com for more information about how various equity and fixed-income funds have rewarded investors over the short-and long-term, based upon Lipper data. Short-term meaning weekly and monthly performance returns; longer-term includes quarterly, year-to-date, 1-yr, 2-yr, 3-yr and 5-yr returns.
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Gun power
Like it or not, sad to say, are we crazy or what….history has shown us that gun manufacturers make out like bandits after a national killing.
Before the stock market opened today, Monday, October 2, 2017, the day of America’s most recent mass shooting, gun stocks ticked upward.
According to CNBC, there have been 32 instances of mass shootings since the 1999 Columbine High School shooting. Looking at two well-known gun companies, Sturm Ruger (RGR) and American Outdoor Brands (AOBC), in the past both closed higher one-month after the date of the killing event: RGR gained 2.89%; AOBC up 5.36%; and the S&P 500 up 1.66%.
Currently, around 12 noon today, 10/2/17, the S&P 500 had gained 2% from its closing price since on Friday, RGR was up 3.58% and AOBC up 4.07%.
Setting any possible financial gains aside, isn’t it ironic that deadly mass shootings bring out both a fear and the need to kill in many.
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