Market Update
Stocks rose notably in November following three straight months of decline. The Nasdaq led the way, followed by the S&P 500, the Russell 2000, the Dow, and the Global Dow. Overall, these indexes enjoyed their best month since late 2022 and the best November in three years. Signs of waning inflationary pressure powered investor optimism that the Federal Reserve may be done raising interest rates.
The economy has proven resilient despite an autoworkers strike, the ongoing war in Ukraine, and the Israel-Hamas conflict. Third-quarter gross domestic product expanded at an annualized rate of 5.2% , according to the second estimate. Consumer spending, which makes up about 70.0% of the economy, rose, with increased spending in durable goods, nondurable goods, and services. Gross domestic income rose 1.5% in the third quarter. Rising income should help expand the economy moving into the fourth quarter.
International Markets
Th Inflation is showing signs of cooling in other parts of the globe. Eurozone inflation declined 2.4% for the 12 months ended in November, its lowest level since July 2021. The United Kingdom saw its 12-month rate of inflation drop from 6.7% in September to 4.6% in October. Inflation in Germany dipped from 3.8% to 3.2%. Japan saw its annual rate of inflation rise from 3.0% to 3.3%. China's gross domestic profit rose 1.3% over the last quarter. For November, the STOXX Europe 600 Index increased 4.1%; the United Kingdom's FTSE 100 ticked up 0.1%; Japan's Nikkei 225 Index rose 4.8%; and China's Shanghai Composite Index gained 0.7%.
On A Personal Note
Jeff continued taking his photography lessons and Peggy took scuba diving certification classes. Drew and his youngest daughter spent a weekend in Indianapolis at a soccer college showcase. Her team went 2-1, but nearly froze. Gymnastics was in full swing last month as Chris's daughters had two meets. They had fun and did very well at both. Lisa went to BGSU for Shelbi's Sorority's "Mom's Weekend." They had a great time and it was the last one since Shelbi is a senior and will be graduating this year. Sam spent a day in Yellow Springs to enjoy one of the last nice days of the year. He hiked a trail in Glen Helen and stopped by Ohio's oldest tavern. Taylor and Peter had a relaxed November. They spent a lot of time at home and decorated the house for Christmas. Everyone on the team is looking forward to spending time with their loved ones this holiday season.
"Not So Silent Night" CancerFree Kids Charity Event
The MDM Wealth Management Team had a lot of fun hosting our "Not So Silent Night", a charity event benefiting CancerFree Kids on December 1st. There were food and drinks, music, a silent auction, and even a visit from Santa Claus himself. While we still await the final tally for donations raised, we want to thank everyone who donated and attended. We hope everyone had as much fun as we did! More information to come next month!
