The month of January was marked by several events that increased the belief in the markets. In the very first week of the year the S&P rallied 4.6% after being disclosed that Democrats and Republican had reached an agreement regarding the “Fiscal Cliff”. This “Fiscal Cliff” deal did not include a debt ceiling hike, which means that the need of another intervention may appear in the next few months. Since there are no signs of compromise agreement, the possibility of Treasury default, although remote, cannot be entirely ruled out. This week the S&P index traded at values that had not been reached since December 2007, with all the 10 economic sectors notching expressive gains. The international equity markets, in general, registered gains moderately lower than the US ones.
The full NIC Fund performance commentary for the month January 2013 is now available here.
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