The Week on Wall Street
Stocks moved higher last week on news of more Federal Reserve market support and diminished concerns that new COVID-19 cases might lead to another economic shutdown.
The Dow Jones Industrial Average rose 1.04%, while the Standard & Poor’s 500 gained 1.86%. The Nasdaq Composite Index jumped 3.73% for the week. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 1.88%.
News on Monday that the Fed would be expanding its bond-buying program to include the debt of individual companies sparked a sharp jump in stocks. The momentum gained through the week as investors focused on positive economic signals, especially with retail sales. A midweek report of an effective COVID-19 treatment for critically ill patients boosted investor optimism.
Market sentiment also was helped by talk of more fiscal stimulus and a report that China would be moving ahead with agricultural purchases to comply with phase one of the trade deal, easing concerns over growing friction in the U.S.-China relationship.
Mixed Economic Data
Last week’s economic data illustrated the uneven nature of the nation’s nascent economic recovery.
Retail sales, which were up by 17.7% in May, reflected a strong, encouraging rebound in the U.S. consumer. Consumer spending was particularly strong in clothing, furniture, sporting goods, and autos.
But industrial production (up by only 1.4%) and new housing starts (ahead by just 4.3%) showed tepid rebounds, indicating that recovery has yet to reach all corners of the American economy.Jobless claims posted their best number since mid-March (1.5 million), but remained high by historical standards.
Last week saw the flare-up of border tensions in two geopolitical hotspots: North Korea and the disputed border region between China and India. The hope, of course, is that escalation can be avoided through diplomacy, but any heightening in tensions may become a concern for global markets.
THIS WEEK: KEY ECONOMIC DATA
Monday: Existing Home Sales.
Tuesday: New Home Sales.
Thursday: Durable Goods Orders. Gross Domestic Product (GDP). Jobless Claims.
Friday: Consumer Sentiment.
THIS WEEK: COMPANIES REPORTING EARNINGS
Wednesday: KB Home (KBH).
Thursday: Accenture Plc (ACN), Darden Restaurants (DRI).
“Without libraries what have we? We have no past and no future.”
– Ray Bradbury
Recipe of the Week
- ¼ cup unsalted butter
- ¼ cup all-purpose flour
- 1 small yellow onion
- 1 medium green bell pepper, chopped
- 2 long celery sticks, chopped
- 2 cloves garlic, minced
- 12 oz. andouille sausage, sliced into half-inch segments
- 1 Tbsp. Cajun seasoning
- Kosher salt
- Freshly ground black pepper
- 1 bay leaf
- 1 15-oz. can fire-roasted diced tomatoes
- 4 cup chicken broth
- 1 lb. shrimp, peeled and deveined
- 3 green onions, sliced
- Cooked rice, for serving
- Melt butter over medium-low heat in a deep skillet.
- Add flour and cook, stirring until caramel in color, roughly ten minutes.
- Add onions, peppers, and celery, and stir until softened, roughly 5 minutes.
- Add garlic, sausage, Cajun seasoning, salt, and pepper.
- Add bay leaf, diced tomatoes, and chicken broth.
- Bring to a boil.
- Reduce heat to low, simmer until thickened, stirring occasionally, roughly 1 hour.
- Add shrimp in the last ten minutes of cooking.
- Once shrimp is cooked, adjust seasoning to taste.
- Add green onions, saving some for garnish.
- Serve over white rice.
Recipe adapted from Delish.com
Do You Know About “Practice” Rights?
- Unlimited: This category enables your tax preparer to represent you before the IRS on any tax item. The credentialed tax professional can be an Enrolled Agent, Certified Public Account (CPA), or attorney.
- Limited: This category means that only the person who prepared and signed your tax return can represent you before the IRS. However, they cannot represent you on appeals or collection matters. Your tax preparer can represent you in front of revenue agents, customer service representatives, and similar IRS employees.
Tip adapted from IRS.gov
Take the Club Back, Don’t Lift It
Tip adapted from BC Golf News
Summer Swimming Safety for Your Kids (or Grandkids)
- Don’t let them swim alone. Make sure you children are supervised at all times.
- Avoid distractions when you’re the supervisor. Focusing on our phones or other favorite distracting activities might result in you missing a warning sign that a child is in danger.
- Wear life vests. If the child isn’t a strong swimmer, this can help them stay afloat, but they still need to be monitored.
- Always check the water. When a child goes missing, each second counts toward their survival.
Tip adapted from Everyday Health
Green Cleaning Alternatives
Tip adapted from Green America