Broadening gains in US stock market underscore optimism on the economy
More than 60% of S&P 500 components outperformed index
Fed rate cuts boost regional banks, industrials, and small-cap stocks
Seven of S&P 500's 11 sectors outperforming the index in Q3
19.72% Gain for the Standard and Poors 500 index for 2024
As we enter into the final quarter of 2024 the broadening rally is an encouraging sign for stocks. I recall the words of JFK!
A Rising Tide Lifts All Boats
"A rising tide lifts all boats" is associated with the idea that improvements in the general economy will benefit all participants in that economy. The phrase is commonly attributed to John F. Kennedy who used it in a 1963 speech to combat criticisms that a dam project he was inagugurating was a pork barrel project.
According to Kennedy's speechwriter Ted Sorensen the phrase was not one of his or the president’s own fashioning. It was in his first year working for Kennedy (during JFK’s tenure in the Senate), when Mr. Sorensen was trying to tackle economic problems in New England, that he happened upon the phrase.
He writes that he noticed that “the regional chamber of commerce, the New England Council, had a thoughtful slogan: ‘A rising tide lifts all the boats.’ ” From then on, JFK would borrow the slogan often. Sorensen highlights this as an example of quotes mistakenly attributed to President Kennedy.
Houston, my hometown
In researching todays blog post I came accross this note...
He famously doodled pictures of sailboats during cabinet discussions of the Cuban missile crisis. On November 21, 1963, JFK and Jackie arrived in Houston during a 2 day swing through Texas to shore up Democratic support for the 1964 election. The presidential couple spent a few hours in a suite at the Rice Hotel preparing for a speech that night.
The next day, hotel staff were cleaning the suite when they learned JFK had been shot in Dallas. In the trash, they found a simple pencil drawing of a sailboat that looked much like Victura, beating through the waves.
Take the next step, schedule a free consultation and learn how we can help you. Asset and Cash Management Solutions
Comments