May 12, 1999

The second quarter has been exciting for the financial markets. For starters, the Dow crossed the 11,000 mark. In what can only be seen as a reversal of fortunes, value stocks in the S&P500 finally outpaced growth stocks (9.64% to 0.09%). Cyclical stocks also staged a resurgence, with consumer cyclicals gaining 9.37%, capital goods up 14.46%, and basic materials soared upward a whooping 27.25%. The overall market performance as measured by the S&P500 for the quarter to date is a respectable 4.47%, suggesting that times are good.

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