Indices began the week with a loss as Utilities and Telecommunication stocks led the slight downswing. West Texas Intermediate crude shed 0.7% to settle at $48.08 a barrel. Despite the rough beginning, the market indices traded well into the green zone on Tuesday. New home sales increased to an eight-year high in April. Sales jumped 16.6% last month to an annual pace of 619,000 versus expectations of 525,000. Stocks continued to rally on Wednesday with several Financial stocks posting gains after a jump in crude oil. Additionally, several Energy stocks stepped up on a dip in inventories. Energy Information Administration data showed reserves decreased by 4.2 million barrels in the past week. Markets were mixed on Thursday as the Dow Jones Industrial Average and S&P 500 traded slightly lower, while the NASDAQ ended in the green zone. Initial jobless claims decreased as Labor Department data showed new filings for the prior week dipped by 10,000 to 268,000. On another note, durable goods orders increased by 3.4% in April. Technology, Financial and Consumer Discretionary stocks posted gains on Friday amid a variety of economic news. Revised gross domestic product numbers may have been an inspiration. The economy expanded at a pace of 0.8% in the first quarter, versus the previous estimate of 0.5% growth. The revised data was shy of an expected 0.9% rate.
Our experts address listeners’ questions on income stocks compensating for low interest rates, biotechnology company United Therapeutics Corp., biopharmaceutical company Gilead Sciences and big-box retailer Best Buy.
This week on “Money Talks,” Associate Jarrett McKenzie, CFP®, CWS®, joins Matt Hames, CTFA and Research Analyst Nick Antonucci to discuss the market sectors’ year-to-date performance, April’s retail sales, inflation indicators Producer Price and Consumer Price indices and the speculation of Britain leaving the European Union. The hosts also take a look at the fiduciary responsibility an adviser has to clients who are getting divorced in this week’s case study. The experts answer a variety of listener questions, including ones on quick serve restaurants, investments in banks and the Financials sector, and an investment in DNP Select Income Fund versus the Vanguard High Dividend Yield index fund. They also discuss private mortgage insurance and the different ways to remove it from your mortgage payment.
Our experts discuss the fiduciary responsibility a financial adviser has when clients are going through a divorce.
Stocks started the week on a high note, with Energy and Technology stocks leading the upswing. West Texas Intermediate crude oil also settled at $47.72 a barrel. Stocks traded lower on Tuesday. Consumer prices increased in April as the Consumer Price Index rose 0.4% versus March’s uptick of 0.1% and February’s 0.2% decline. Core prices, discounting food and energy, jumped 0.2% as expected. Industrial production ramped up by 0.7% in April versus expectations of a 0.3% expansion, while Commerce Department data showed housing starts climbed 6.6% in April to an annual rate of 1.17 million units. The stock indices closed out Wednesday’s trading session mixed on Federal Reserve comments. Minutes from April’s Federal Open Market Committee meeting showed a rate hike is somewhat likely for June, but only if economic data warrants it. Crude oil retreated midweek with West Texas Intermediate crude settling at $48.19 a barrel. Figures from the Energy Information Administration showed a 1.3 million barrels lift in inventories in the past week. Stocks rebounded somewhat in Thursday’s afternoon momentum. Labor Department data showed first-time claims for unemployment benefits decreased by 16,000 to 278,000, while continuing claims dipped by 13,000 to 2.152 million last week. Indices closed in the green zone on Friday. Better-than-expected quarterly data led the Technology sector higher. West Texas Intermediate crude oil settled the week at $47.75 a barrel. Existing home sales ticked up in April as data from the National Association of Realtors showed a 1.7 percent increase to an annual rate of 5.45 million units. Sales in March were revised slightly higher to 5.36 million units from the initially reported 5.33 million.
Our experts discuss quick-serve restaurant companies Restaurant Brands International and Wendys, bank stocks East West Bancorp and Wells Fargo as well as investments in DNP Select Income Fund or the Vanguard High Dividend Yield index fund. They also discuss private mortgage insurance and the different ways to remove it from your mortgage payment.
This week on “Money Talks,” Dan DiLuzio, C.P.A. joins Matt Hames, CTFA, and Troy Harmon, CFA, CVA, to discuss April’s employment situation, wholesale Trade, mortgage applications and interest rates. They also recap first quarter’s earnings. For this week’s case study, the experts discuss the scary situation of tax identity theft. Dan shares the experience of a taxpayer who e-files her return only to have it rejected by the IRS because someone else has already filed a fraudulent return, claiming a refund using her Social Security number. The hosts round out the show, answering listeners’ questions on Spectra Energy Partners, Freeport-McMoRan, Mitek Systems and Fitbit. They also provide some insight on how long to keep your financial records.
Our experts discuss the problems that arise when someone else has already filed a fraudulent return and claimed a refund using your Social Security number.
Indices started the week with mixed moves as the Dow dipped on Monday, while the S&P 500 Index and NASDAQ added slight gains. The mixed results were likely due to a variety of economic news. The markets saw a dip in crude oil prices, a belief that earnings are likely to remain weak with S&P companies posting their lowest earnings-per-share growth rate since the financial crisis and support for the Fed’s dovish stance from both the Minneapolis and Chicago Federal Reserve presidents. Stocks surged on Tuesday. Oil prices jumped, and many international markets saw gains. Midweek, U.S. markets were back in the red with Consumer Discretionary stocks taking the biggest hit. Thursday, both the S&P and Dow were nearly flat. The weekly Jobless Claims unexpectedly increased as the Department of Labor couldn’t point to any special factors. The four-week moving average still increased, but remained consistent with solid monthly job growth. Friday saw the markets decline yet again. Overall for the week, the markets ended down.
Our experts answered listeners’ questions on Spectra Energy Partners, Freeport-McMoRan, mobile identity verification software developer Mitek Systems and health and fitness device provider Fitbit. Dan DiLuzio, C.P.A. also provides some insight on how long to keep your financial records.