Bil Lako, CFP®, and Troy Harmon , CFA, CVA, are joined by Managing Associate Shawna Theriault, CFP®, C.P.A., who shares information on how private family foundations can fulfill a family’s philanthropic legacy desire.
The holiday-shortened week kicked off on Tuesday after being closed Monday for Labor Day. However, retail gas prices surged as Hurricane Harvey forced refineries to shut down, leading to curtailed petroleum shipments. The Dow Jones Industrial Average fell 1.1%, its biggest one-day loss since Aug 17, while the S&P 500 declined 0.8%. Threats from North Korea and powerful hurricane Irma weighed on the major indexes, dragging down shares of insurance companies as it churned through the Caribbean. On Wednesday, the Dow rebounded from its worst session in weeks, boosted by shares of energy stocks, which were among the best performers, rising alongside oil prices as Gulf Coast refineries continued to restart following Hurricane Harvey. In economic news, the service industry activity increased in August, as the ISM non-manufacturing composite index climbed to 55.3 from 53.9 in July. Additionally, the Federal Reserve’s Beige Book, which covers economic activity from July through mid-August, showed the economy expanded at a modest-to-moderate pace across most districts. During the week, the yield on the 10-year Treasury note fell to 2.07%, its lowest yield since Nov. 9, 2016. On Thursday, initial claims for unemployment rose, but the increase is likely because of Hurricane Harvey. The unemployment rate held steady at 1.4%. The U.S. indices closed with mixed moves on Friday, as the Dow traded fractionally higher while the S&P 500 and NASDAQ shed some points. Market moves were mixed amid hurricane trepidation, yet West Texas Intermediate crude fell by 3.3% to settle at $47.48 a barrel.
This week on “Money Talks,” Bil Lako, CFP®, and Troy Harmon, CFA, CVA, are joined by Senior Associate Jarrett McKenzie, CFP®, CWS®, to discuss the week’s market performance, Consumer Sentiment for August, and housing news. They also delve into the inaction we’ve seen from Washington, D.C. and how an investor should react. Jarrett brings to the table a discussion on Private College 529 Plan as an alternative to state-sponsored education savings plans. He discusses the features and provides advice for those interested in sending their child to a private college. The experts round out the show addressing listeners’ questions on Facebook, establishing an IRA or Roth IRA as a young professional and combining multiple 401(k) accounts from previous employers.
This week, Senior Associate Jarrett McKenzie, CFP®, CWS®, joins hosts Bil Lako, CFP®, and Troy Harmon, CFA, CVA to cover Private College 529 Plans that allow you to lock in today’s tuition prices at select private colleges and universities nationwide.
The U.S. indices closed mixed on Monday, as both the Dow Jones Industrial Average and S&P 500 Index added slight gains, while the NASDAQ shed some points. Financial and technology brands led decliners. Those moves reversed the next day as Technology companies led a broad upswing in stocks, likely because investors scooped up shares following the recent declines. The market fell Wednesday as political turbulence and disappointing earnings weighed on stocks in a quiet trading session. Crude oil prices ticked up amid a smaller-than-expected decrease in inventories. Energy Information Administration figures showed reserves fell by 3.3 million barrels in the past week versus expectations of a decline of 3.5 million barrels. The decline continued Thursday as stocks dipped on a variety of economic news. Existing home sales decreased in July. National Association of Realtors data showed home resales slipped by 1.3% last month to an annual rate of 5.44 million, versus expectations of a 0.9% increase. Looking elsewhere, initial jobless claims ticked up last week, as the Department of Labor showed new claims increased by 2,000 to 234,000. Indices ended trading with mixed moves on Friday with the Dow and S&P 500 posting gains while the NASDAQ was down. In economic news, orders for durable goods dipped in July. Orders for products designed to last three years or more decreased 6.8% last month, following a 6.4% increase in June.
The “Money Talks” experts round out the show addressing listeners’ questions on Facebook, whether a young professional should establish an IRA or Roth IRA and the benefit to combining multiple 401(k) accounts from previous employers.
This week on “Money Talks,” hosts Nick Antonucci, CVA, K.C. Smith, CFP®, and D.J. Barker, CWS®, discuss the market’s volatility, inflation and interest rates. Managing Associates K.C. and D.J. discuss the many financial planning areas families need to review when expanding their family with a new baby. The hosts round out the show answering listeners’ questions on the trade deficit, prime money market funds, Procter & Gamble’s proxy vote and the future of Netflix.
“Money Talks” hosts Nick Antonucci, CVA, K.C. Smith, CFP®, and D.J. Barker, CWS®, discuss the many financial planning areas families need to review when expanding their family with a new baby.
The U.S. stock indices kicked off the week with gains on Monday as investors took advantage of recent market downswings. The S&P 500 Index posted its biggest one-day gain since April. The following day, the indices closed mixed along the flat line. The Dow Jones Industrial Average ended in the green zone while the S&P 500 and NASDAQ closed fractionally in the red. Retail sales increased in July, with sales ticking up 0.6% versus expectations of a 0.4% jump. Stocks climbed Wednesday supported by a bounce-back in shares of retailers. The minutes from the Federal Open Market Committee’s July meeting were released and signaled that the unwinding of the balance sheet could occur in September. Indices closed well into the red zone on Thursday. The S&P slipped with Technology shares leading the decline, while the Dow lagged on a drop in retailers. On another note, the Department of Labor showed new jobless claims fell by 12,000 to 232,000, versus an expected drop to 240,000, from a reading of 244,000 in the previous week. The markets closed in the red zone on Friday as stocks traded lower amid “D.C. drama,” as President Trump dissolved two advisory forums comprised of top U.S. CEOs. Looking elsewhere, consumer confidence is up this month, as the University of Michigan Consumer Sentiment Survey’s preliminary reading for August showed confidence jumped 4.2 points to 97.6.