The third quarter of 2017 was an eventful one for both the stock market and for Essex Investment Management. The market continued to make new highs, with the S&P 500 Index posting a 4.0% return for the quarter (12.5% year to date). Stocks have moved higher based on continued economic growth in the U.S. coupled with a recovery in economic growth overseas. On the policy front, hope for corporate tax reform gave the market a boost late in the quarter as history would suggest that tax reductions lead to economic growth and higher corporate profits. Further, the market is recognizing the significant growth potential of several major technological changes, including artificial intelligence/machine learning, breakthroughs in healthcare based on gene editing, and the rise of electric vehicles. We continue to find attractive investment opportunities.
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