PAID ADVERTISEMENT THE MARKETS THIRD QUARTER THROUGH SEPTEMBER 30, 2019 By Douglas W. Stirling, Wally Danforth and Joe Kennedy of Stirling Wealth Management The third quarter was full of ups and downs for stocks, much like the second quarter. Stock values moved in response to the rhetoric from the participants in the trade war between the United States and China. The Federal Reserve lowered interest rates two times during the quarter. More new jobs were added but at a reduced rate, while wage growth continued. Manufacturing and industrial production remain muted, influenced, in part, by the waning global economy. Nevertheless, consumers were undaunted by economic developments, spending at a steady rate throughout the quarter. July kicked off the third quarter in a somewhat lackluster manner, as the benchmark indexes listed here posted gains over June's respective closing values. The Nasdaq gained over 2.0 % for the month, followed by the S&P 500, which rose 1.31 %. The Dow and Russell 2000 inched ahead by less than one percent, while the Global Dow dipped by almost half a percent. The Federal Open Market Committee reduced short-term interest rates 25 basis points which sent stocks reeling. However, strong corporate earnings reports, low unemployment, and higher wages helped ease investors' concerns by the end of the month. per barrel. The national average retail regular gasoline price was $2.654 per gallon on September 23, up from the August 26 selling price of $2.574 but $0.190 lower than a year ago. The price of gold dropped by the end of September, falling to $1.479.30 by close of business on the 30th, off from $1,529.20 at the end of August. For the third quarter, large caps performed better than small caps. The Dow and the S&P 500 each finished 119 % above their respective second-quarter closing values. The tech stocks of the Nasdaq broke about even for the quarter, while the Russell 2000 and the Global Dow lost value. For the quarter, the price of crude oil (WTI) was $3.79 per barrel lower than its June 28 price. Gold closed the third quarter $66.00 higher than its second-quarter closing price. And the national average retail regular gasoline price, at $2.654 per gallon on September 23. did not change from its average price at the end of the second quarter. As of September 30 Monthly Change Quarterly Change YTD Market/index 201s Close Change 15.39 % L19% DUIA 23327.46 26916.83 195% Nasdaq 0.46% 6635.28 99934 2056% August started with President Trump's threat to impose additional tariffs on Chinese imports, which sent stocks plummeting. Throughout the month, each of the benchmark indexes listed here continued to lose value. Even a final-week push couldn't save stocks from posting month-over-month losses. The small caps of the Russell 2000 were hit particularly hard, falling over 5.0 % in August . The Global Dow lost almost 3.5 % , and the tech-heavy Nasdaq dropped more than 2.5%. The large caps of the Dow and S&P 500 also fell close to 2.0 %. Oil and gas prices at the pump fell in August, while long-term bond yields plunged as prices soared. sEP 500 297674 2506.85 172% 1.19% 18.74% Russell 2000 1348.56 1523.37 191% 22% 12.56% 2736.74 dlobal Dow 3021 34 231% 173 % 10.40% 2.35% 2.50% 1.75%-2.00% 25 bps sO bes -50 bps Fed. Funds 167% -101 bps 10-year Treasuries 268% 17 bos 33 bps Chart reflects price changes, not total return. Because it does not include dividends or spits, it should not be used to benchmark performance of specific investments September saw each of the benchmark indexes listed here post solid gains, led by the Global Dow, which rode a solid close to the month on encouraging economic data from China. The Russell 2000 climbed almost 2.0 % ahead of its August closing total, while both the Dow and S&P 500 exceeded their respective August closing marks by respectable amounts. The Nasdaq gained about half a percent on the month. The Federal Open Market Committee once again lowered interest rates 25 basis points in September following July's 25-basis-point cut (the FOMC did not meet in August). By the close of trading on September 30, the price of crude oil (WTI) was $54.37 per barrel, down from the August 30 price of $55.16 EYE ON THE MONTH AHEAD Economic growth has slowed so far this year, as lagging export orders have quelled manufacturing output. Wages continued to grow, while consumers ratcheted up their spending. The fourth quarter will likely ride the ebb and flow of economic and world events, not the least of which is the ongoing trade war between the world's two economic giants: China and the United States. All information is based on sources deemed relable, but no warranty or quarantee is made as 1to ts accuracy or completeness, Neither the infomation nor any opinion expressed herein consteutes a solication for the purchase or sale of any securities, and should not be reled on as financial advice. Pest performance is no guarantee of future rests. All investing involves risk, including the potential loss of principal, and there can be no guarantee tat any imvessing stretegy will be successtul Douglas W. Seirling is Executive Vice President /Wealth Management and Financial Advisor at Sering Wealth Management Wally Danforth s Vice President/Wealth Management, Financial Advisor at Stirling Wealth Managemert and Joe Kennedy is a Financial Advisor a Seiring Wealth Management STIRLING WEALTH MANAGEMENT at Janney Montgomery Scot LLC Stirling Wealth Management was founded on a simple belef that everyone's economic and life situation is unique. We keep that simple principle at the forefront when creating tailored financial plans for our clients. As veteran Financial Advisors, we have vast experience researching the marketplace and advising our clients on the products and services that best Janney meet their needs. We are dedicated to learning about your personal goals, and together we will use that information to build a solid financial plan focused on your specific needs. STIRLING WEALTH MANAGEMENT AT JANNEY MONTGOMERY SCOTT LLC 2200 Georgetowne Drive, Suite 400, Sewickley, PA 15143 www.stirlingwealthmanagement.com 1 724.934.2953 in JANNIY MONDGOMERY SCOTT LLC MEMBER NYSE, FNRA SPC Www.ANY.COM PAID ADVERTISEMENT THE MARKETS THIRD QUARTER THROUGH SEPTEMBER 30, 2019 By Douglas W. Stirling, Wally Danforth and Joe Kennedy of Stirling Wealth Management The third quarter was full of ups and downs for stocks, much like the second quarter. Stock values moved in response to the rhetoric from the participants in the trade war between the United States and China. The Federal Reserve lowered interest rates two times during the quarter. More new jobs were added but at a reduced rate, while wage growth continued. Manufacturing and industrial production remain muted, influenced, in part, by the waning global economy. Nevertheless, consumers were undaunted by economic developments, spending at a steady rate throughout the quarter. July kicked off the third quarter in a somewhat lackluster manner, as the benchmark indexes listed here posted gains over June's respective closing values. The Nasdaq gained over 2.0 % for the month, followed by the S&P 500, which rose 1.31 %. The Dow and Russell 2000 inched ahead by less than one percent, while the Global Dow dipped by almost half a percent. The Federal Open Market Committee reduced short-term interest rates 25 basis points which sent stocks reeling. However, strong corporate earnings reports, low unemployment, and higher wages helped ease investors' concerns by the end of the month. per barrel. The national average retail regular gasoline price was $2.654 per gallon on September 23, up from the August 26 selling price of $2.574 but $0.190 lower than a year ago. The price of gold dropped by the end of September, falling to $1.479.30 by close of business on the 30th, off from $1,529.20 at the end of August. For the third quarter, large caps performed better than small caps. The Dow and the S&P 500 each finished 119 % above their respective second-quarter closing values. The tech stocks of the Nasdaq broke about even for the quarter, while the Russell 2000 and the Global Dow lost value. For the quarter, the price of crude oil (WTI) was $3.79 per barrel lower than its June 28 price. Gold closed the third quarter $66.00 higher than its second-quarter closing price. And the national average retail regular gasoline price, at $2.654 per gallon on September 23. did not change from its average price at the end of the second quarter. As of September 30 Monthly Change Quarterly Change YTD Market/index 201s Close Change 15.39 % L19% DUIA 23327.46 26916.83 195% Nasdaq 0.46% 6635.28 99934 2056% August started with President Trump's threat to impose additional tariffs on Chinese imports, which sent stocks plummeting. Throughout the month, each of the benchmark indexes listed here continued to lose value. Even a final-week push couldn't save stocks from posting month-over-month losses. The small caps of the Russell 2000 were hit particularly hard, falling over 5.0 % in August . The Global Dow lost almost 3.5 % , and the tech-heavy Nasdaq dropped more than 2.5%. The large caps of the Dow and S&P 500 also fell close to 2.0 %. Oil and gas prices at the pump fell in August, while long-term bond yields plunged as prices soared. sEP 500 297674 2506.85 172% 1.19% 18.74% Russell 2000 1348.56 1523.37 191% 22% 12.56% 2736.74 dlobal Dow 3021 34 231% 173 % 10.40% 2.35% 2.50% 1.75%-2.00% 25 bps sO bes -50 bps Fed. Funds 167% -101 bps 10-year Treasuries 268% 17 bos 33 bps Chart reflects price changes, not total return. Because it does not include dividends or spits, it should not be used to benchmark performance of specific investments September saw each of the benchmark indexes listed here post solid gains, led by the Global Dow, which rode a solid close to the month on encouraging economic data from China. The Russell 2000 climbed almost 2.0 % ahead of its August closing total, while both the Dow and S&P 500 exceeded their respective August closing marks by respectable amounts. The Nasdaq gained about half a percent on the month. The Federal Open Market Committee once again lowered interest rates 25 basis points in September following July's 25-basis-point cut (the FOMC did not meet in August). By the close of trading on September 30, the price of crude oil (WTI) was $54.37 per barrel, down from the August 30 price of $55.16 EYE ON THE MONTH AHEAD Economic growth has slowed so far this year, as lagging export orders have quelled manufacturing output. Wages continued to grow, while consumers ratcheted up their spending. The fourth quarter will likely ride the ebb and flow of economic and world events, not the least of which is the ongoing trade war between the world's two economic giants: China and the United States. All information is based on sources deemed relable, but no warranty or quarantee is made as 1to ts accuracy or completeness, Neither the infomation nor any opinion expressed herein consteutes a solication for the purchase or sale of any securities, and should not be reled on as financial advice. Pest performance is no guarantee of future rests. All investing involves risk, including the potential loss of principal, and there can be no guarantee tat any imvessing stretegy will be successtul Douglas W. Seirling is Executive Vice President /Wealth Management and Financial Advisor at Sering Wealth Management Wally Danforth s Vice President/Wealth Management, Financial Advisor at Stirling Wealth Managemert and Joe Kennedy is a Financial Advisor a Seiring Wealth Management STIRLING WEALTH MANAGEMENT at Janney Montgomery Scot LLC Stirling Wealth Management was founded on a simple belef that everyone's economic and life situation is unique. We keep that simple principle at the forefront when creating tailored financial plans for our clients. As veteran Financial Advisors, we have vast experience researching the marketplace and advising our clients on the products and services that best Janney meet their needs. We are dedicated to learning about your personal goals, and together we will use that information to build a solid financial plan focused on your specific needs. STIRLING WEALTH MANAGEMENT AT JANNEY MONTGOMERY SCOTT LLC 2200 Georgetowne Drive, Suite 400, Sewickley, PA 15143 www.stirlingwealthmanagement.com 1 724.934.2953 in JANNIY MONDGOMERY SCOTT LLC MEMBER NYSE, FNRA SPC Www.ANY.COM