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The Markets

Equities continued their positive trend in April, spurred by favorable corporate earnings reports, proposed federal tax cuts, and positive economic signals overseas.  The Nasdaq surpassed 6000 for the first time in its history, while the small-cap Russell 2000 reached a record high by the end of April.  Each of the benchmark indexes listed here posted monthly gains, led by Nasdaq, which increased 2.30%, followed by the Global Dow, which gained almost 1.50% month-over-month.  The large-cap Dow and S&P 500, while gaining in value, may have lagged a bit following less than favorable GDP and jobs growth.  The yield on 10-year Treasuries fell 10 basis points as bond prices increased.
By the close of trading on April 28, the price of crude oil (WTI) was $49.19 per barrel, down from the March 31 price of $50.85 per barrel.  The national average retail regular gasoline price was $2,449 per gallon on April 24, 2017, up from the March 27 selling price of $2.315 and $0.287 more than a year ago.  The price of gold climbed at the end of April, closing at $1,269.50 on the last trading day of the month, up from its March 31 price of $1,250.60.
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Kibbe David Dec 2011
David R. Kibbe, J.D. has been appointed President and Chief Executive Officer of Indiana Trust & Investment Management Company by its Board of Directors. Mr. Kibbe assumed his new duties on April 24, 2017 at the Company’s annual meeting. He replaces John S. Seidl, CFA, who is retiring from the position he has held since 2006. Mr. Seidl will serve as Senior Investment Advisor until his retirement from the Company at the end of 2017.
“I am proud to lead Indiana Trust Company and pledge to continue our long-standing commitment to client service and dedication to provide personalized trust and wealth management counsel that is local, independent and unbiased,” said Mr. Kibbe.
Mr. Kibbe joined Indiana Trust in 2011 as a Vice President in the personal trust area. He has over 30 years of experience concentrated in estate and tax planning and trust administration. He earned a Bachelor of Arts Degree from Hillsdale College in Hillsdale, Michigan, as well as a Juris Doctorate Degree from Washington University in St. Louis, Missouri. He has also earned a Graduate Certificate in Philanthropic Studies through the IU Lilly Family School of Philanthropy.
Mr. Kibbe has been active in numerous community based civic and business organizations. He currently serves as President of the Boards of Hope Ministries and IUSB Arts Foundation, and is a past-President of the Michiana Estate Planning Council. He and his wife, Bridget, have five adult children.



ITC Hoops 2017 picture

In it's fifth year, our Muncie office enjoyed a day of food, networking and basketball with clients and community leaders on the opening day of the NCAA men's basketball tournament.  The weather was cooperative, the games were great, and the company was outstanding.





The Markets

Riding the momentum following the presidential election, stocks surged for much of the first quarter of 2017.  Buoyed by the anticipation of tax cuts and policies favorable to domestic businesses, the benchmark indexes listed here reached historic highs throughout the quarter.  At the end of January, the Dow reached the magic 20000 mark for the first time, while the tech-heavy Nasdaq gained almost 4.50% for the month.  The trend continued in February, as stocks posted solid monthly gains.  The Dow closed the month with a run of 12 consecutive daily closings that reached all-time highs.  The S&P 500 also achieved a milestone -- 50 consecutive trading sessions without a daily swing of more than 1.0%.  At the close of trading in February, each of the benchmark indexes listed here posted year-to-date gains, led by the Nasdaq, which was up over 8.0%.
March began with a bang but ended with a whimper.  The Dow closed the first week of the month at over 21000, while the Nasdaq gained over 9.0% year-to-date.  However, energy stocks slipped as the price of oil began to fall.  Entering mid-March, investors exercised caution pending the potential Fed interest rate hike and the push for a new health-care law.  Following its mid-March meeting, the Fed raised interest rates 25 basis points, while the move to replace the ACA with a new health-care law failed for lack of congressional support.
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Market Review

The year 2016 likely will be remembered for the election of Donald Trump as the 45th president of the United States and the Brexit vote.  This year also saw the Fed raise interest rates for the first time since last December, noting that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since midyear.  While inflation remains below the Fed's target of 2.0%, the Committee expects inflation to rise to its target level over the medium term on the heels of anticipated improvements in energy and import prices and continued labor strengthening.  Equities began the year hitting the skids as receding oil prices and a plummeting Chinese stock market pushed stock prices down and bond prices up.  By midyear equities had recovered, despite Great Britain's decision to exit the European Union.  Following the results of the presidential election, stocks surged to new highs.  Whether this trend continues in 2017 remains to be seen following President-elect Trump's first few months in office.
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