Another week is under our belt and what a week it has been. Stocks have risen and unemployment claims have begun to taper off. Both are optimistic signs that the country is bouncing back from the damage that the Coronavirus has cast upon our country.
The market rallied through today, although it closed slightly lower due to rising tensions with China. Investors were betting on economic recovery after the pandemic that has shut-down businesses for over two months. The S&P 500 broke 3000 for the first time since March and the Dow Jones Industrial Average is on track for its best week since April. A safe reopening is the greatest stimulus for the economy and as businesses get back on track, we should continue to see gradual improvement.
Only 2.1M Americans filed jobless claims for the week ending May 23rd which is slightly down from the 2.4M claims from the week before. The number of new filings has now dropped for eight consecutive weeks. These continuous declines are indications that the job market may be recovering as stay-at-home orders are relaxed and the states are reopening businesses.
As a reminder for those of you who are over 70 ½ or have inherited IRA’s, the CARES Act allows you to forgo taking your required minimum distribution (RMD) for 2020. You can schedule a virtual appointment or call with your Wealth Manager to see if this would benefit your financial plan. If you would like to learn more about the CARES Act you can read a bullet-point summary here.
Throughout these past few months, all of us here at Apriem have realized how grateful we are for the opportunity to serve and assist you during this extraordinary time. Thank you for your continued support and trust.