As we close the third quarter of 2020 and enter a pivotal fourth quarter, we’d like to reflect on this year, not just with the Covid19 pandemic and other news that has created one of the most unsettling periods of time in our nation. We also look forward to the year end and the effects of a Presidential election.
Last night we learned that President Trump and his wife, along with members of the White House staff, have tested positive for the Covid19 virus. We offer prayers for safety and healing to all of our government and political leaders and their families.
First, it would be helpful to review a part of our September 4th market comment:
The markets will rise, and gravity will weigh them down and like gravity in nature, this is a natural occurrence. The pullback in the markets Thursday and Friday are reminders that gains and losses are a consistent and normal part of investing.
February 24, 2020 is when COVID19 became real for most Americans.
Good Day! We trust that you are safe and well.
For our clients who are also members of USAA:
“USAA Exits Investment Business and Moves ALL Accounts to Charles Schwab”
When will our economy fully re-open?
As the COVID19 pandemic began, the general thought was that we would experience the outbreak and then we would finish with the outbreak. This would lead to the economy re-opening in a more expedited manner.
We hope you are doing well and staying safe.
First, a quick observation of today’s decline of 622 points or (2.55%) on the Dow Jones Industrial Average. While certainly a worrisome day, the Dow was essentially flat for the week – down 51 points or (0.22%). It often helps to take a step back for another viewpoint.
The Coronavirus Aid, Relief, and Economic Security Act, or ‘CARES’ allows retirement account owners to take withdrawals for emergency costs related to the coronavirus pandemic and partially delays the tax consequences. Workers will also be able to initiate bigger 401(k) loans and get a slightly longer repayment period for existing loans.