Good Afternoon Valued Clients, Friends and Family,
Do you recall? Well, California did not recall Governor Gavin Newsom, U.S. gymnasts recalled the abuse they suffered from former USA Gymnastics doctor, Larry Nassar, and our country recalled the tragedy of Sept. 11th with special tributes to the heroes and victims on 09/11.
On Tuesday, California voted in a special recall election to oust Governor Gavin Newsom from office. Newsom easily beat back the campaign to remove him from office showing that most Californians supported his policies for COVID-19, immigration, and crime. This was only the second gubernatorial recall election in state history despite 55 attempts. The only governor to ever lose his job in a recall was Governor Gray Davis, who was replaced by actor/action star Arnold Schwarzenegger in the 2003 special election.
Also, this week, four elite American gymnasts including, Simone Biles, McKayla Maroney, Aly Raisman, and Maggie Nichols testified before the U.S. Senate Judiciary Committee about their abuse by former USA Gymnastics doctor Larry Nassar. These gymnasts spoke about the FBI’s mishandling of the case. In a report from the inspector general’s office, they found that senior officials in the FBI Indianapolis field office failed to respond to reports of sexual abuse of athletes by Nassar. Larry Nassar admitted to abusing girls and women who received treatment from and is serving a life sentence in prison.
Last weekend marked the 20th anniversary of 9/11. Tributes were held all over the country to honor those who lost their lives on that tragic day. Ceremonies were held in New York at the National September 11 Memorial and Museum with beautiful tributes to the 2,753 lives lost that day. In Shanksville, Pennsylvania they remembered the courageous passengers who fought back against the terrorists and gave their lives to save others. There were countless other tributes across the country, and it was nice to see our country come together to memorialize this day in U.S. history.
As of last Friday, the S&P 500, Dow Jones Industrial Average, and the Nasdaq have declined by (-0.4%), (-1.1%), and (-0.4%), respectively. Between the mix of inflation and retail sales data, investors are having trouble getting a gauge on future stock performance as some speculate a pullback. U.S.-based markets are faring better than Chinese markets as talks of tighter government regulation and weak economic data have spurred a retreat. The largest potential mover for markets in the days ahead will be the Fed’s commentary on Wednesday as they wrap up their September meeting.
If you have not already done so, please sign up for our next virtual seminar, 5 Common Reasons to Update an Estate Plan with Tiffany K. Chiu, Esq. from T. Chiu Law, on September 28, 2021, at 1 p.m. Click here to register and learn more.
The 3rd Quarter of 2021 is coming to an end. Please call our office at (888) 253-0288 or email Sunni Allen at Sunni@apriem.com to schedule a virtual appointment or conference call with your wealth manager.