The Week on Wall Street
Stocks slipped as the technology sector remained under pressure and a mid-week announcement by the Federal Reserve failed to inspire investors.
The Dow Jones Industrial Average declined 0.03%, while the Standard & Poor’s 500 fell 0.64%. The Nasdaq Composite index dropped 0.56% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, rose 0.75%.
Technology Pulls Stocks Lower
As has been the case in recent weeks, technology stocks led the market higher, then lower in an otherwise turbulent week of trading.
Merger and acquisition activity announced at the start of the week generated a rush back into technology stocks, sparking a rebound from the previous week’s drop. Stocks continued to advance until Wednesday, when investors began to digest comments from the Fed’s Federal Open Market Committee meeting. The Fed delivered a message that coupled assurances of continued low rates with concerns about the health of the economic recovery.
The Fed Stays the Course
In the last Federal Open Market Committee (FOMC) meeting before the November election, the Fed signaled that interest rates would not be increased “until labor market conditions have reached levels consistent with the committee’s assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2% for some time.”
Most Fed officials do not see this happening until 2023.
While the Fed maintained its view on the importance of fiscal stimulus to help American workers and businesses, it did improve its outlook for unemployment in its latest economic outlook. The Fed now expects unemployment would average around 7-8% in the final three months of the year, down from its June prediction of around 9-10%.
THIS WEEK: KEY ECONOMIC DATA
Tuesday: Existing Home Sales.
Thursday: Jobless Claims. New Home Sales.
Friday: Durable Goods Orders.
THIS WEEK: COMPANIES REPORTING EARNINGS
Tuesday: Nike (NKE), Autozone (AZO), Fedex (FDX)
Wednesday: General Mills (GIS)
Thursday: Costco Wholesale (COST), Darden Restaurants (DRI), Carnival Corp. (CCL)
“There is a harmony in autumn, and a luster in its sky.”
-Percy Bysshe Shelley
Recipe of the Week
Oktoberfest Beer Brats
- 24 ounces of beer
- 5 bratwursts
- 5 hot dog buns
- 1 cup cream cheese
- 2 cups shredded cheddar cheese
- Cook the brats in a pot with the beer for 10-15 minutes.
- Keep the beer in the pot and transfer the brats to the grill. Grill for another 10-15 minutes.
- In the pot with the beer, add in the cream cheese and cheddar cheese and stir over low to medium heat until mixed.
- Add the brats to the buns and top with the beer cheese mix!
Can You Benefit From the Earned Income Tax Credit?
- Native Americans – If a Native American taxpayer receives income as an employee or from owning a business, they may be eligible for the earned income tax credit.
- Grandparents – Grandparents who are raising grandchildren may be able to benefit from the earned income tax credit. They should make sure that the child meets the qualified child requirements. There are also a few other considerations and special rules for this segment.
- Taxpayers in Rural Areas – If you live in a rural area, you may be eligible for the credit.
These Golf Stretches Will Help Improve Your Game
- Stretch your quads by resting your foot on a chair behind you and bending your knee. Then, you can twist back and forth to mimic your backswing. You should feel the stretch in your quads, back, and trunk.
- To stretch your lower back, grab a chair and grasp it with your hands. Holding the chair and keeping your back straight, move your body down and away from your hands until you feel a stretch in your lats, lower back, and hamstrings.
- To stretch your hips, sit on a chair or bench with your legs at a 90 degree angle. Then, place your right ankle on top of your left thigh. If you want to increase the stretch, lean forward slowly. Repeat on both sides.
Tip adapted from Mayo Clinic
For Healthy Meals, Shop In-Season Produce
- Sweet potatoes
3 Tips to Clear the Clutter
- Respect your belongings, and invest where it matters. If you buy lots of cheap products, you value them less than a few quality pieces.
- Consider where your stuff comes from. It can be easy to just click “add to cart” and have something at your house in two days, but everything is manufactured somewhere and requires labor, transportation, and materials.
- Consider what you’re buying and if you actually need it. Will you use this product in 2 years? Can you make do with what you already have?