Stoever Glass & Co., Inc.
Phone: (212) 952-1910
P: (800) 223-3881
The Markets (as of market close September 28, 2018)
Rising interest rates and ramped-up trade wars put a damper on stocks last week. While not unanticipated,
the Fed raised the federal funds target rate 25 basis points and intimated that another hike is likely for
December. On the trade front, the United States imposed tariffs of 10% on $200 billion worth of Chinese
goods, prompting the Chinese government to threaten tariffs on $60 billion of U.S. imports. As was the
case the prior week, the benchmark indexes listed here ended last week with mixed returns. The
tech-heavy Nasdaq posted solid gains while the remaining indexes suffered losses, led by the Dow and
Global Dow, each of which fell more than 1.0%.