Hello Friends, Clients & Colleagues,
In recent days, we have watched as outraged and frustrated protesters spilled out into the streets of American cities. Across our communities, unhealed wounds have been brought vividly to our attention once again.
Not all news was negative as I saw a video of one of our own New Jersey cities, Camden, come together with both protesters and police marching side by side in peace, sending a message to the rest of the nation that we here in New Jersey can be united as a people.
Our firm is committed to empowering people to change their financial lives for the better. At times like this, we are reminded that part of that work is nurturing a stronger connection to our entire community, in whatever ways we can.
We hope that you and your family are faring well during these extraordinary times. If there is anything we can do to support you or someone you care about, please let us know.
This weeks market update:
The shortened week, which began with a powerful two-day rally of trading, was enough to drive the markets into another week of solid gains.
The Dow Jones Industrial Average rose 3.75%, while the Standard & Poor’s 500 advanced 3.01%. The Nasdaq Composite Index climbed 1.77% for the week. The MSCI EAFE Index, which tracks developed stock markets overseas, gained 6.18%.1,2,3
Stocks continued their march higher, lifted by signs that the White House and Congress may be working together to put together another stimulus package. But the momentum lost steam, in part due to news of China’s vote to override Hong Kong’s autonomy. Comments by President Trump on the last day of trading eased concerns.4,5
Rotation in Leadership
This leadership rotation is being referred to by some market commentators as the “re-opening trade.” If these sectors are to remain leaders, it may hinge on a steady economic recovery and escaping a second wave of COVID-19 infections.
THIS WEEK: KEY ECONOMIC DATA
THIS WEEK: COMPANIES REPORTING EARNINGS
Source: Zacks, May 29, 2020
1. The Wall Street Journal, May 29, 2020
2. The Wall Street Journal, May 29, 2020
3. The Wall Street Journal, May 29, 2020
4. CNBC.com, May 28, 2020
5. FoxBusiness.com, May 29, 2020