Outlook2020_Figure8 LPL Financial Research Outlook 2020

Performance Under a Republican President Based on Congress Makeup

IMPORTANT DISCLOSURES

Source: LPL Research, FactSet 10/31/19

Although Rates Are Climbing, Increases Have Been Gradual

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75%

100

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Year-over-Year S&P 500 Index Earnings per Share Growth

-0.5

Q1 '18

Democratic Congress

Split Congress

Q2 '18

Q3 '18

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Q1 '20

Q2 '20

Q3 '20

Q4 '20

Estimates

IMPORTANT DISCLOSURES

Data are from 1950–2017. All indexes are unmanaged and cannot be invested into directly. Past performance is no guarantee of future results. The modern design of the S&P 500 stock index was first launched in 1957. Performance back to 1950 incorporates the performance of predecessor index, the S&P 90.

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This Research material was prepared by LPL Financial, LLC. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL is not an affiliate of and makes no representation with respect to such entity. If your advisor is located at a bank or credit union, please note that the bank/credit union is not registered as a broker-dealer or investment advisor. Registered representatives of LPL may also be employees of the bank/credit union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, the bank/credit union. Securities and insurance offered through LPL or its affiliates are:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indexes are unmanaged and cannot be invested into directly. Estimates reflect FactSet consensus. Economic forecasts may not develop as predicted. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.