With spring in full bloom, surprisingly the news this week has been relatively calm. California hopes to reopen by mid-June, vaccines will open up to all adults, and the markets continue to make gains.
On Tuesday, President Biden announced that every adult ages 18 and over, will be eligible to get vaccinated starting April 19th. Approximately three million people are receiving a vaccine every day. About one-third of the U.S. population has received at least one dose. California has made major progress by having the lowest positivity rate in the U.S. and stable hospitalizations. Governor Newsom and state health officials have hopes that the state will be able to fully reopen by June 15th. Below is a chart showing the latest data of new coronavirus cases in the U.S.
Markets continued their strong start to the new quarter as all three indexes notched gains through Thursday. For the week, the Nasdaq grew 2.5%, the S&P 500 increased 1.9% (and reached all time highs yet again hitting just under 4100), and the Dow grew 1%. With rates on the 10-Year Treasury ticking down since the start of the second quarter, now sitting at 1.6%, tech stocks have been the outperformers (contrary to the previous quarter). The primary driver for the upward push can be attributed by the Fed minutes being released and Chairman Powell’s message Thursday that the recovery still remains “uneven and incomplete”. Powell reiterated that the Fed remains firm on its accommodative stance and would not act on a temporary rise in inflation. Investors also seemed to shrug off the rise in jobless claims due to expectations of a significant jump in job gains as the economy continues to reopen.
We are so excited for our next virtual webinar on Medicare Essentials on Wednesday, April 21st at 11 AM. Click here to learn more and register.
Your quarterly reports will be uploaded or mailed on April 15th for you to view. 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.
With such a beautiful weekend ahead, you may want to take a trip down to The Flower Fields at Carlsbad Ranch® in Carlsbad, California. This is one of the most spectacular displays of natural color and beauty anywhere in the world. The annual burst of color is one of nature’s ways of announcing that spring is in full bloom here in Southern California. Click here for visitor information.