Strong Market Performance Powers First-Half 2007 Results

by Wayne A. Thorp

If investors are worried about a slowing economy, lingering inflation, and rising interest rates, one would never know it by tracking the market’s performance through the end of May of this year.

The market managed to shrug off one of the biggest single-day declines in recent memory, when the Dow Jones industrial average dropped over 400 points and the S&P 500 shed almost 3.5% on February 27, 2007. After bottoming-out in early March, the S&P 500 gained almost 12% through the end of May 2007. Time will tell whether June’s lackluster beginning is only a speed bump or a barricade. Despite the market’s recent swoon, the S&P 500 is still up for the year.

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Most of the stock screens tracked on AAII.com are outperforming the broad market indexes thus far for 2007: Only four of 55 are down for the year while 36 of 55 are outperforming the S&P 500. Mid-cap issues are enjoying the best performance thus far in 2007 as compared to small-cap and large-cap stocks.

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