I start this letter heavy hearted with the news of the mass shooting in San Jose yesterday. Our thoughts and prayers go out to the families of the victims and everyone who has been affected by this tragedy.
This week marks the 125th anniversary of the Dow, we celebrated 3 graduations of Apriem Family members and our summer interns began our six-week program.
125 years ago, yesterday, an index of 12 companies closed its first trading day at 40.94. This index is of course the Dow Jones Industrial Average which, at the time, consisted of only 12 names versus today’s 30. It comprised of one familiar name, General Electric (GE), along with 11 other long-forgotten names, like American Tobacco and American Sugar, that have shaped their respective industries today. Speaking of companies over a century old, Ford (F) and General Motors (GM) have been making significant developments recently to position themselves for the next century. Both companies have slated to increase their electric vehicle (EV) investment with Ford targeting 40% EV sales by 2030 and GM targeting 100% EV by 2035. The global semiconductor drought has put the entire auto industry behind. Some automakers are expecting a slight ease of the shortage later this year including GM who announced today that they are restarting production at many of its factories. As for the overall numbers, this week has been positive so far with the S&P 500 increasing 1.0%, the Nasdaq up 2.1%, and the Dow rising 0.7% as fears of inflation subsided.
Graduation season is in full swing across the nation. We are so proud of the children of Apriem for accomplishing these milestones. Haley Kong graduated with a Master of Social Work from Baylor University, Cade Covarrubias achieved his bachelor’s degree in business administration at USC, and my son, Corey, graduated with a JD MBA from Chapman University. Congratulations!! It is onwards and upwards from here on out.
We are hosting Apriem’s Internship Program and are thrilled to welcome Griffen Miller, Jamie Prahm, and Clayton Kimball. This will be the seventh year Apriem has offered internships to individuals who are eager to get their financial feet wet. This program was started to educate the next generation on financial literacy. We strongly feel that for someone to do well in the financial industry, experience in the field is just as important, if not more important, than textbook knowledge. It is also a way for us to scout for new talent. We have been fortunate to hire two interns from our program, including Megan Schwab who is our Associate Financial Planner. These next six weeks will allow the interns to experience what a day at Apriem is like and work with each department.
I would like to thank everyone who attended our webinar yesterday on Long Term Care with Justin Wright. I hope you enjoyed it and found it informative. If you were unable to attend, a recording will be available for playback on our website next week. Be on the lookout for the invitation to our next webinar on Providing for a Surviving Spouse in Retirement on June 30, 2021.
As we head into the long weekend, let’s take a moment to honor the service men and women who made the ultimate sacrifice while protecting our country. May they live on in our memories forever. Our office will be closed this coming Monday, May 31, 2021, to coincide with the market closure in observance of Memorial Day. Please call our office at (888) 253-0288 to schedule a review with your wealth manager or email Sunni Allen at Sunni@apriem.com.
Have a safe and wonderful holiday weekend!