This week, Research Analyst Nick Antonucci, CVA, Managing Associate K.C. Smith, CFP®, and Senior Associate Jarrett McKenzie, CFP®, CWS®, cover a financial planning situation about investors who want to help fund college education savings for their grandchildren. They cover the benefits for both 529 Plans and Roth IRAs.
The week started off with gains as the Dow Jones Industrial Average achieved its ninth record closing high in a row and the S&P 500 index ticked up to record level highs. Sentiment was reversed Tuesday as the indices concluded trading in the red zone after trading in a narrow range throughout the day. The Dow was down 61 points in intraday trading after President Trump said the United States would respond to any additional threats from North Korea “with fire and fury like the world has never seen.” The volatility continued mid-week as tensions between the United States and North Korea rattled markets around the world. In the United States, indices ended Wednesday with relatively mild losses. In economic news, the Energy Information Administration data showed U.S. stockpiles of oil slipped by 6.5 million barrels in the past week, versus an estimated decrease of 2.7 million barrels. For the session, West Texas Intermediate crude tacked on 0.8% to settle at $49.56 a barrel. Stocks traded lower again on Thursday amid persistent tensions between the United States and North Korea and a variety of economic news. Producer prices declined in July, as the Bureau of Labor Statistics data showed prices slipped 0.1%, versus an expected increase of 0.1%. In other reports, initial jobless claims ticked up last week. New claims increased by 3,000 to 244,000, while claims for the previous week were upwardly revised by 1,000. The week ended with indices closing with slight gains on Friday as stocks rebounded slightly from downswings earlier in the week. The Consumer Price Index rose 0.1% in July, versus forecasts for a 0.2% uptick. Discounting food and energy, the core CPI edged up 0.1%.
The experts round out the “Money Talks” show answering listeners’ questions on our recent opinions of drug maker Pfizer; whether or not an investor needs a financial adviser to manage a 401(k) rollover; advice on co-signing loans, and bank Capital One Financial.
This week on “Money Talks,” Troy Harmon, CFA, CVA, is joined by Principal Jennifer J. Thomas, CFP®, and Managing Associate, Shawna L. Theriault, CFP®, C.P.A., to discuss the week’s economic activity, including international trade, employment, personal income and the ISM Manufacturing and Nonmanufacturing indices. The ladies bring to the table a discussion about the issues women face in retirement given that they are likely to live longer and may earn less over the course of their careers. The experts also address a host of listener questions about establishing and funding an IRA for a child, the differences in financial milestones for Millennials and an investment in IMAX.
Troy Harmon, CFA, CVA, is joined by Principal Jennifer J. Thomas, CFP®, and Managing Associate, Shawna L. Theriault, CFP®, C.P.A., to discuss the issues women face in retirement given that they are likely to live longer and may earn less over the course of their careers.
Last week ended with a mixed bag of stock market performances. On Monday, the Dow Jones Industrial Average, the S&P 500 Index and the NASDAQ composite closed July as their best month since February. History was made again on Tuesday when the Dow burst through the 22,000 mark. This represents the fifth consecutive record close for the index. In economic news, pre-tax personal income and after-tax personal income were unchanged in June from May. In the first of two reports from the Institute for Supply Management, the Manufacturing index fell 1.5 points to 56.3 in July, in line with expectations. On Thursday, the ISM announced the Non-Manufacturing index slipped 3.5 points in July to 53.9. This represents continued growth in the non-manufacturing sector, but at a slower rate than in June. Indices traded in green territory on Friday as the Dow closed at a new record level for the eighth straight session. The S&P 500 also ended last week in positive territory. Stocks stepped up on better-than-expected employment numbers for July. Department of Labor data showed an addition of 209,000 jobs, versus consensus expectations of 180,000.
This week on “Money Talks,” Tax Manager Dan DiLuzio, C.P.A., joins Research Analysts Nick Antonucci, CVA, and Jacob Keen to discuss the current earnings season, housing news, including both new and existing home sales and home prices, consumer confidence and the Federal Open Market Committee’s meeting on monetary policy. Dan brings to the table some advice for a small business who is well ahead of its mid-year projections. He suggests some purchases and growth techniques that may be able to save the business tax dollars. The hosts round out the show answering listeners’ questions on counter-party risk in exchange-traded funds, how a side hustle may affect your income taxes, opinions on sales tax holidays and whether or not the Technology sector is in a bubble. They also address questions on stocks including Universal Corp., Service Corp. International, PVH and Ralph Lauren.
Tax Manager Dan DiLuzio, C.P.A., joins Research Analysts Nick Antonucci, CVA, and Jacob Keen to discuss some advice for a small business that is well ahead of its mid-year projections. He suggests some purchases and growth techniques that may be able to save the business tax dollars.
The stock indices kicked off the week with mixed moves, as the Dow Jones Industrial Average and S&P 500 Index ended in the red zone while the NASDAQ traded up to an all-time high. In the first of several housing data points released during the week, existing-home sales fell in June, though they are still up by 0.7% from year-ago levels. Indices traded into green territory on Tuesday, with the S&P 500 closing at a new record level. Existing-home price appreciation slowed slightly in the three months ending in May, when compared to the same period in April. In other economic releases, Consumer Confidence increased in July rising to 121.1, its highest level since March. Wednesday’s trading ended with gains and the Dow closing at a new record level. In housing news, new-home sales increased in June and are up 9.1% from June 2016. The Federal Open Market Committee concluded its two-day monetary policy meeting holding interest rates at their current levels, yet noting that normalization would start “relatively soon,” leaving many to speculate an announcement on the balance sheet will come in September. On Thursday, the advance figure for seasonally adjusted initial claims for unemployment insurance was released, showing an increase of 10,000 from the previous week’s revised level. The four-week moving average held steady at 244,000 for the week ending July 22. Like the beginning of the week, the market was mixed on Friday. The Dow traded to a new record high while both the S&P 500 and NASDAQ shed some points. Crude oil ticked up with West Texas Intermediate gaining 1.4% to settle at $49.71 a barrel. Additionally, The University of Michigan’s consumer sentiment index fell to 93.4 for July from 95.1 in June. The result exceeded an expected reading of 93.1.