Good Afternoon Valued Clients, Friends and Family,
As we enter September and into the holiday weekend, we are seeing a lot of movement from COVID-19 treatments and tracking to the financial markets across the board.
It would seem that California has turned a corner, since Gov. Newsom announced that the state is moving away from the “watch list” system and will be moving to a four-tier, color coded classification system to track COVID-19 throughout counties. This system is based on the number of cases and percentage of positive tests in each county. Below is the most recent map and legend for the new system in place. To read more about what county your color is click here.
While trying to stop the spread and waiting on a development of a vaccine, scientists have found that the use of steroids can reduce mortality in severely ill COVID-19 patients. The findings suggest that steroids should be part of the standard treatment of critically ill patients. These studies provide hope that an effective, inexpensive and safe treatment is available.
September has historically been a rough month for markets and although the month began on a high, today we experienced the market’s first mini correction in a while. Tuesday technology stocks led the equity markets to new highs and on Wednesday, the Dow saw its first close above 29,000 since February. However, today’s closing session ended sharply lower across all three indexes, with Amazon, Apple, Microsoft, and Facebook leading the sell off.
In observance of the market’s holiday schedule for Labor Day, Apriem Advisors will be closed on Monday, September 7, 2020. Labor Day has been celebrated since 1882 and is dedicated to the social and economic achievements of American workers. It is a tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.
Have a happy, healthy, and safe holiday weekend!