There is a market adage that states, “as goes January, so goes the year.” We certainly should hope this is the case for 2018, as January was another month of great stock market returns. The U.S. indices were up by 5 percent or more, while international markets—both developed and emerging—did the same. The news was not all good, of course, as markets pulled back at month’s end. Given the strong gains up to that point, however, it looks likely to be just profit taking, rather than a harbinger of something worse.

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