Despite January’s stronger-than-expected U.S. jobs report, stocks fell Friday amid concern over the impact the coronavirus will have on China’s economy. However, stocks still notched strong weekly gains. For the week, the Dow rose 3.06 percent to close at 29,102.51. The S&P gained 3.21 percent to finish at 3,327.71, and the NASDAQ climbed 4.04 percent to end the week at 9,520.51.
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All three major indexes hit record highs Friday amid positive economic news on several fronts. In the middle of the week, the U.S. and China signed a limited trade deal. End-of-year reports showed U.S. housing starts grew by nearly 17 percent in December (a 13-year high), weekly jobless claims were better than forecast and China’s economic growth matched expectations. For the week, the Dow rose 1.84 percent to close at 29,348.10. The S&P gained 1.99 percent to finish at 3,329.62, and the NASDAQ climbed 2.29 percent to end at 9,388.94.
The three major indexes attained record closing highs on Friday. Several factors boosted investor confidence: unemployment at 50-year lows, President Trump’s positive remark regarding a conversation about the trade deal with China’s president and an upwardly revised report on consumer spending in the third quarter. For the week, the Dow rose 1.14 percent to close at 28,455.09. The S&P gained 1.68 percent to finish at 3,221.22, and the NASDAQ climbed 2.18 percent to end the week at 8,924.96.
After two strong quarters of market performance, stocks and bonds still managed to eke out positive returns in the third quarter. Economic data moderated
throughout the quarter however rebounded higher towards the end of the quarter. The labor market continues to be a bright spot for the economy with the
unemployment rate holding steady at 3.7% as of August. A strong labor market has supported strong consumption here in the U.S., so while GDP growth has
declined from the first quarter, it is still up 2.0% as of the second quarter. Lastly, inflation slightly ticked up from the start of the quarter with the Consumer Price
Index (CPI) up 1.7% year over year as of August.
The three major indexes closed a choppy week on a positive note. Investors’ optimism was fueled by a glowing November jobs report. The Labor Department announced 266,000 non-farm payrolls were added. As a result, the unemployment rate fell to 3.5 percent – the lowest in 50 years. Because of earlier losses, two indexes still closed the week in the red. For the week, the Dow fell 0.06 percent to close at 28,015.06. The S&P gained 0.21 percent to finish at 3,145.91, and the NASDAQ dropped 0.10 percent to end the week at 8,656.53.
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Stocks were mixed on Friday, closing a wild month of trading. The major indexes experienced their worst monthly performance since May amid continued trade tensions and fears of a recession.