Good Afternoon Valued Clients, Friends and Family,
First, I would like to take a moment to thank all the firefighters and first responders for bravely defending homes in Orange County this past week while fighting the two wildfires that broke out in Silverado Canyon and Yorba Linda due to high winds and low humidity. There were no homes lost in the Silverado fire, but unfortunately 7 homes were damaged and 1 lost in the Blue Ridge Fire. At this time, the Silverado Fire has burned 13,390 acres and is 32% contained and the Blue Ridge Fire has burned 14,334 acres and is 32% contained. We are continuing to pray for the firefighters who were injured while taking care of our communities. We deeply appreciate the kindness of everyone who reached out to see if we were ok. We are all safe here at Apriem.
It has been an exceptionally volatile week in the markets. This was expected as investors are remaining cautious until after the presidential election on November 3rd. We look at this week’s market conditions as creating opportunity. Today U.S. stocks rebounded with data showing a drop in jobless claims at 751,000, down from last week’s 791,000. This decline is an indication that the labor market is slowly recovering. U.S. gross domestic product had its biggest gain ever in the third quarter with an annual pace of 33.1%. We are anticipating the volatility to continue through the end of the year and even into next year until a vaccine for Covid-19 is developed.
New COVID-19 cases are rising in 47 states and the U.S. has seen a steady increase in coronavirus infections and hospitalizations for most of the entire month of October. There were record-high cases reported this past week, with more than 80,000 new cases reported on Wednesday alone. Germany and France have announced new restrictions to help diminish the spread of the disease, while the U.K. is looking at a possible second shutdown. The U.S. leads with world with over 8.8 million cases, ahead of India with a reported 8 million. Dr. Anthony Fauci believes that normalcy in the U.S. may be closer to 2022. Below is the most recent data:
Congratulations to our very own Los Angeles Dodgers for winning the 2020 World Series on Tuesday night! It has been 32 years since their last championship and seventh in franchise history. Go LA!
Remember to turn your clocks back this coming Sunday as Daylight Savings Time ends and our clocks “fall back” one hour. Enjoy your extra hour of sleep.
Our quarterly newsletter went out last week, if you did not get a chance to read it you can view it here.
If you have not done so, please call our office toll-free at (888) 253-0288 or email Sunni@apriem.com to schedule a virtual review with your wealth manager.
Have a safe and Happy Halloween!