We are already half-way through January and the news has been non-stop. Our country is at a crossroads with many decisions to be made regarding vaccine distribution, the impeachment of the president, and what the economy has in store for this year.
All eyes are focused on Washington, with the recent event of the storming of the Capitol, the upcoming inauguration, and the possible impeachment of the President. The House made history this week by being the first to impeach a president for the second time a week before he leaves office for “incitement of insurrection” with false claims of a stolen election. There is little clarity as to when a trial will take place in the Senate. Most likely, this won’t happen until after Trump is already out of office. Biden will take office Wednesday, January 20th, with inaugural activities dramatically altered because of the pandemic and unprecedented security in Washington due to fears of violence after last week’s takeover of the Capitol.
This week Disneyland opened back up, but not as the theme park we all know and love, but as the first Super Point-of-Distribution site (POD). There will be five regional Super PODs that will have the capacity to vaccinate thousands of residents each day. The locations of these sites will be released as soon as agreements are met. Distribution of the vaccine is being managed through the phase-tiered approach established by the California Department of Health. Currently, vaccines are available to law enforcement first responders in high-risk communities and was recently expanded to include those age 75 and older. Although many are getting vaccinated, we continue to fight the pandemic daily. Below is the most recent data:
Today, U.S. stocks closed slightly lower for the first time in three days as investors wait for the rollout a potentially large economic stimulus package from the new administration. President elect Biden is expected to announce his new spending package tonight (Thursday) that should help support families and businesses. Rumors are that he will be proposing a $1.9 trillion COVID-19 relief package. About half of the stimulus is slated to go to families via $1,400 per person payment and additional $400 per week in unemployment insurance supplement. Just in time as labor markets have weakened of late due to the worsening coronavirus situation nationwide.
Our offices will be closed on Monday, January 18, 2021, due to the market closure in observance of Martin Luther King, Jr. Day.
Our last webinar of the Apriem Wealth Building Series is next Wednesday, January 20, 2021 from 3 PM – 4 PM with Chris and Megan from our Financial Planning Team. If you have not already registered, please click here to do so.