The Week On Wall Street
Stock prices notched solid gains last week, looking past an increase in COVID-19 cases and any potential economic concerns raised by the trend.
The Dow Jones Industrial Average increased by 0.96%, while the Standard & Poor’s 500 climbed 1.76%. The Nasdaq Composite Index bounded 4.01% higher for the week. The MSCI EAFE Index, which tracks developed stock markets overseas, gained just 0.07%.
Stocks experienced a volatile week as investors negotiated the crosswinds of encouraging overseas economic data with an accelerating number of COVID-19 cases in several states. Ongoing support of the financial markets by the Federal Reserve appeared to offset any concerns about an economic rebound.
The big technology companies continued to shine, leading the Nasdaq Composite to multiple new record highs. News of positive trial results for a potential COVID-19 treatment boosted stocks on the final trading day, closing the week on an encouraging note.
On the Record
Regional Federal Reserve presidents had several speaking engagements last week, and the message was a consistent one: expect the economic recovery to remain bumpy.
Cleveland Fed President Loretta Mester said that the economy in her region is slowing due to rising COVID-19 cases. She linked gains in combating the virus with further economic progress. She also echoed earlier comments by Fed Chairman Powell that more fiscal support is necessary.
Meanwhile, San Francisco Fed President Mary Daly observed that it was unlikely many companies would be rehiring all their employees. Thomas Barkin, president of Richmond Federal Reserve, reiterated the challenges of a labor recovery, but also spoke of the strain on local and state governments.
THIS WEEK: KEY ECONOMIC DATA
Tuesday: Consumer Price Index (CPI).
Thursday: Jobless Claims. Retail Sales.
Friday: Housing Starts.
THIS WEEK: COMPANIES REPORTING EARNINGS
Monday: PepsiCo, Inc. (PEP).
Tuesday: JPMorgan Chase & Co. (JPM), Citigroup (C), Wells Fargo (WFC).
Wednesday: International Business Machines (IBM), Goldman Sachs (GS), eBay, Inc. (EBAY).
Thursday: Microsoft (MSFT), Netflix (NFLX), Bank of America (BAC), Johnson & Johnson (JNJ), UnitedHealth Group (UNH), Abbott Laboratories (ABT), Morgan Stanley (MS), Honeywell International (HON).
Friday: Blackrock, Inc. (BLK).
“The longer I live, the more I realize the impact of attitude on life.”
– Mark Twain
Recipe of the Week
Egg-in-a-Hole Breakfast Sandwich
- 2 eggs
- 2 large slices of crusty bread (like sourdough)
- 1 avocado
- 2 slices of cheese
- 1 tomato slice
- 1 egg
- Salt and pepper
- Cut a hole in the middle of one of the pieces of bread (tip: use a cookie cutter or cut around the top of a drinking glass).
- Butter both sides of each slice of bread and brown them in the pan.
- Turn the heat to low and top one of the slices with the avocado, cheese, and tomato.
- Crack an egg in the hole of the other slice of bread.
- Cover the pan and cook until the egg is done to your liking (usually 3 to 5 minutes).
- Sandwich the two pieces of bread together and enjoy!
Couples Who Work Together, Tax Together
- You should first establish if you have a partnership business (where both spouses have an equal say in the affairs, services, and capital of the business) or an employee-employer relationship (where one spouse substantially controls management decisions). These relationships face different tax situations.
- If there is an employee-employer relationship, the “employee” spouse may be subject to income tax, Social Security, and Medicare.
- If there is a partnership relationship, your business income may need to be reported on Form 1065, U.S. Return of Partnership Income.
A Little Bit Goes a Long Way
Tip adapted from Practical-Golf.com
Tasty Treats for Health Nuts
- Almonds – A handful of almonds has about 6 grams of protein. In addition, they also have about 14 grams of monounsaturated fat (one of the healthier fats).
- Pistachios – Pistachios are full of protein and fiber!
- Walnuts – Walnuts are a great source of omega-3 fatty acids.
- Cashews – Cashews have a little bit of everything, including healthy fats, protein, carbohydrates, fiber, vitamin E, and magnesium.
- Pecans – Pecans contain polyphenols, which are antioxidants that provide a host of benefits to the body.
The Perfect Composting Recipe
- There’s a difference between composting “greens,” like kitchen scraps, and “browns,” like dried leaves or cardboard. Your compost recipe should have a good mix of both.
- Greens are nitrogen-rich, while browns are carbon-rich.
- Ideally, you should shoot for a 30:1 ratio in carbon to nitrogen. You’ll know if you have too much nitrogen if your pile is slimy and stinky. And if you have too much carbon, the pile will be dry and slow to decompose.
- Add your nitrogen-rich ingredients in thin layers to make sure all of the greens are in contact with carbon-rich browns.
- When in doubt, err on the side of too much carbon!
Tip adapted from ModernFarmer.com
 ModernFarmer.com, July 10, 2020