Good Afternoon Valued Clients, Friends and Family,
This week has been a big week filled with news and headlines. Supreme Court Justice nominee, Judge Amy Coney Barrett, was feeling the heat, U.S. stocks wavered, and Europe is heading towards another lockdown as COVID-19 cases are on the rise.
After three days of testimony, Judge Amy Coney Barrett’s Supreme Court confirmation hearings concluded yesterday. She faced questions about judicial independence, the future of the Affordable Care Act and any election-related cases that could come before the Supreme Court later this year. The Senate Judiciary Committee is expected to vote on her nomination sometime next week. It will then go to the full Senate and odds are looking in her favor, that she has the votes to be confirmed.
U.S. stocks closed lower for the third consecutive day in a row. Investors were disappointed by a rise in unemployment claims, and the lack of progress in the negotiations with Congress on another fiscal stimulus bill. It is unlikely an agreement will be reached before the election. Additionally, global markets reacted negatively to several European countries reporting a spike in coronavirus cases.
Just when Europe thought they had flattened the curve, they are now seeing a tidal wave of new coronavirus infections, averaging over 100,000 per day. This is the first time Europe has outpaced the U.S. since the virus peaked in the spring. Yesterday, France declared a state of emergency and set curfews for the next four weeks and London imposed restrictions on gatherings to help combat the spread of the coronavirus. Bars, restaurants and schools are being shut down or sharply limited throughout the continent. Officials are also preparing hospital capacity to accommodate an expected influx of new Covid-19 patients.
Just when we thought it was sweater season, turns out September was the warmest month on record worldwide. This year is on track to be one of the five hottest in recorded history. With the continuing rise in global temperatures, we have seen the most active Atlantic hurricane season ever and record-setting wildfires burning their way across the U.S. Last year was the second-hottest year on record and seven of the warmest years have occurred in the last seven years.
Earlier this week, we sent out a notice for our November Shredding Month. So, gather and bring all your old documents, statements, and any other papers you don’t want anymore, to our office to dispose securely for you. Click here for more information.
Last Thursday, we held our Virtual WOW Event on Social Security, which can now be watched on our website. Click here for a playback of the presentation.
If you have not already done so, please call our office toll free at (888) 253-0288 or email Sunni@apriem.com to schedule a virtual quarter-end review with your wealth manager.