标准的 & 普尔500指数今年表现强劲，上涨28点.7%. 高质量的道琼斯工业平均指数上涨21点.0%. Mid- and small-capitalization equities were not far behind (see market indicators table to the right). 国际股市表现逊于美国股市. 摩根士丹利资本国际发达国家股市EAFE指数回升至+11.5%. Dragged down by weakness in Chinese equities, the MSCI Emerging Markets Index returned –3.6%.
Stock prices continued moving steadily up in July and August before faltering in September amid growing predictions of a correction. 在2021年的前9个月里，《bet9九州平台入口app》 & 普尔500指数以15的回报率继续领跑其他指数.9%. 高质量的道琼斯工业指数为12点.1%. 总体而言，风险更高、贝塔系数更高的股票表现最好. 中国股市是个明显的例外, 其它多数非美国股市指数也产生了颇具吸引力的回报. Chinese stocks suffered as new central government regulations limited some business activities and highly leveraged Evergrande, 中国第二大房地产开发商, 在金融崩溃的边缘摇摇欲坠.
US equity markets continued higher in the second quarter with several key indexes setting new highs in late June. 标准的 & 普尔500指数上涨8点.今年第一季度的回报率为15%.2%. Most other indexes produced more modest returns during the three-month period as investors seemed to rotate between sectors in search of undervalued companies. 例如，小盘股的回报率只有+4.3%，而受欢迎的中国指数则是-0.本季度4%.
随着标准普尔500指数的上涨，股市的上行轨迹有所减缓 & 普尔500指数上涨6点.2021年第一季度增长2%. Many of the large technology company stocks that led the market’s 2020 rebound sat out the first quarter of 2021. Stocks from the previously underperforming sectors of energy and financials shined. 正如右侧的市场指标图表所示, mid-capitalization and small company stocks had a particularly good quarter. 所有股票指数12个月的表现都令人印象深刻. 然而, those gains include recovering from the market plunge that preceded the period’s start.
US stocks continued to move higher during 2020’s last quarter, with the S&P 500 Index and the Dow Jones Industrials returning 12% and 11%, respectively. Small and mid-capitalization stocks were even stronger, returning 31% and 2本季度4%. All equity indexes produced attractive returns in 2020 (see Market Indicators box). 然而, 这些年度回报掩盖了快速增长的故事, 深度熊市和随后68% S&500页的反弹.
The US stock market continued to rebound in July and August before declining slightly in September. 第三季度，标准普尔500指数(Standard and Poor 's 500 Index)上涨了8点.9%， 2020年迄今为止的回报率为+5.6%. 的年代&P指数的表现几乎超过了所有其他大盘指数, 包括道琼斯工业平均指数, 它返回0.今年迄今为止，这一比例为9%. Most other important equity indexes have also produced single digit percentage declines this year (see Market Indicators box).
Interest rates were essentially unchanged during the quarter as global central banks continued to provide economic stimulus through abnormally low rates. 自去年年底以来，10年期美国国债收益率从1.92% to 0.69%.
Equity markets rebounded in the second quarter as COVID-19 infection rates slowed in many of the hardest hit areas. 非常低的利率鼓励bet9九州平台入口app者购买股票. 反弹并不均衡，对科技公司有利. The future path of economic growth and equity prices are highly uncertain due to the unprecedented response to the COVID-19 pandemic and the search for a successful vaccine.
Stocks suffered severe declines during the first quarter as the new coronavirus, 新型冠状病毒肺炎, 在中国的传播, 伊朗, 欧洲和美国. With “social distancing” as the primary method of fighting the spread of 新型冠状病毒肺炎, 受影响地区的经济活动明显放缓. 没有人知道要多久才能阻止病毒的传播. 医疗, research and financial resources of the US and other major nations are focusing on increasing testing, 开发治疗方法和疫苗, and providing financial support for individuals and companies affected by the economic downturn. The exact course forward is uncertain but we remain convinced that 新型冠状病毒肺炎 will be contained and eventually eradicated.
Last year was a great year for the stock market, and a good year for bonds. 美国经济继续增长，尽管增长缓慢. 而2019年的股市涨幅太大，难以持续, 随着我们进入2020年，我们有一个积极的前景. We believe that many investors are too pessimistic about the stock market.
An uncertain global growth outlook and a briefly inverted yield curve held the US stock market close to flat during the third quarter. Interest rates dropped sharply during the quarter before staging a partial rebound. 随着对经济衰退的担忧加剧, 富有弹性的美国消费者正在推动经济向前发展.
US equities started the second quarter by continuing the powerful rebound that began in the last week of December. 市场，以标准衡量 & 5月初，普尔500指数再创新高. Economic growth concerns led to a market sell-off later in the month followed by a rapid rise and new all-time highs in response to the Federal Reserve’s signals that further interest rate increases were on hold. 2019年前6个月，S&p500返回+18.5%. 小公司和国际公司股票的回报率略低. 详情可以在附近的市场指标图表中找到.
2019年第一季度, US stocks continued a rebound that began in the last few days of December. 用标准来衡量 & 普尔500指数上涨13点.本季度增长了7%，除了3个以外，其余都恢复了.比2018年9月底的高点低3%. 中小企业和国际股指也出现反弹. 详情显示在右侧的“市场指标”框中.
Research shows that major, complex decisions in later parts of life are particularly difficult. 通常情况下，解决办法就是推迟到危机时刻. 避免给自己或爱人带来不必要的压力, 在危机之前为重大决策做准备更有意义. We suggest there are six major questions that should be addressed before reaching age 75.
In the course of our careers we have had numerous conversations with clients and their children about the advisability of a prenuptial (also known as premarital or ante nuptial) agreement. Often these conversations were after an engagement was announced and a wedding date set, and the client or child of the client was unaware of the concept of such an agreement and found the conversation uncomfortable.
The annual cost of attending many private colleges now approaches or exceeds $60,000. While this cost will be reduced for many families through needs-based scholarships and tuition discounts, families with accumulated financial assets will spend close to the full amount. 这里有六个基本的方法来节省和支付大学费用.
A substantial inheritance can have a life changing financial impact: if handled wisely, the elusive goals of financial security and a comfortable future retirement may become attainable. 但突然致富有时会让人措手不及, 如果不小心, 是否容易被侵蚀或破坏. Avoiding the following common mistakes is key to your future financial wellbeing after receiving a substantial inheritance.