Good Afternoon Valued Clients, Friends and Family,
Many things to be thankful for this week, family, friends, valued clients and the Dow breaking 30,000 for the first time!
On Tuesday, the Dow Jones Industrial Average broke above 30,000 for the first time ever. The rally came with positive news of a third vaccine candidate from the Oxford-AstraZeneca partnership in its late-stage trials, hopes for a strong economic recovery in 2021 and the easing of political uncertainty in the country. This run has put the Dow up 60% from its March low. With interest rates at an all-time low, investors aren’t generating as much income in traditionally safer investments, such as bonds, so they are betting on the market’s momentum. Additionally, the Dow wasn’t alone in its runoff, the S&P 500 also hit a record high yesterday.
Regarding the easing political uncertainty, we heard Monday that the Trump administration would support the transition of President-elect Joe Biden into the White House. This helped ease the minds of investors concerned with the economic and political uncertainty plagued by a contested election. Historically, the markets haven’t reacted calmly to political uncertainties, and that includes contested elections. When Al Gore contested the Bush results in September 2000, the S&P 500 fell roughly 17.5% over the following 4 months. So, for now, we can take a second to catch our breath.
Please don’t forget to join Christopher Whitaker and Megan Schwab from our Financial Planning department for our next virtual event: Apriem Wealth Building. This four-part series is designed to walk through the wealth building process from scratch. Join us for Part 1: The Language of Finance on Wednesday, December 2, 2020 from 3pm – 4pm. Click here to register.
We are also hosting our next virtual WOW Event: Later Is Too Late with author, Susan Alpert, on Tuesday, December 8th from 11 AM – 12:30 PM. Click here to register.
As a reminder, Apriem Advisors will be closed tomorrow and Friday, in observance of the Thanksgiving Holiday.
This Thanksgiving, we want to share our genuine appreciation with you. Without you, we would not be where we are today, and we’re so thankful for all your support throughout the years. We hope you and your loved ones have a very Happy Thanksgiving.
With a grateful heart,