Weekly Economic Updates

The Markets (as of market close June 19, 2020) Equities began the week edging higher following the Federal Reserve’s announcement that it would buy corporate bonds under an emergency lending program. The Russell 2000 closed up 2.3%, the Nasdaq gained… Read More

The Markets (as of market close June 12, 2020) Last week began with a bang for stocks with each of the major indexes gaining well over 1.0% for the day. The S&P 500, after climbing 1.2%, has picked up nearly… Read More

The Markets (as of market close June 5, 2020) Despite nationwide protests and U.S.-China tensions, stocks rose to start the week. Apparently, investors focused on progress toward economic recovery instead of other pressing issues. Small caps of the Russell 2000… Read More

The Markets (as of market close May 29, 2020) With the stock market closed last Monday in observance of Memorial Day, Tuesday’s trading led to solid returns for the stock market. The S&P 500 climbed past the 3000 mark for… Read More

The Markets (as of market close May 22, 2020) The major benchmarks opened the week on a high note, led by the Russell 2000, which gained more than 6.0%. The large caps of the Dow (3.85%) and S&P 500 (3.15%)… Read More

The Markets (as of market close May 15, 2020) Stocks opened the week with mixed returns. The S&P 500 stayed level, the Dow fell by almost half a point, and the Nasdaq finished the day up three-quarters of a percent…. Read More

The Markets (as of market close May 8, 2020) Investors seem to be continuing to move toward stocks despite unfavorable economic data. New scientific and medical developments in the battle against COVID-19 offer some hope. Last Monday saw stocks rebound from losses… Read More

Stocks closed lower on Friday, and for the week. But for proper context, they just finished their best month in decades with the Dow up 11.08%, the S&P up 12.68%, and the Nasdaq up 15.44%. So nobody should be surprised… Read More

Stocks soared yesterday on encouraging test results for a treatment on the coronavirus. Reports that Gilead’s drug Remdesivir performed well in a controlled study lifted the market. That news was cheered as it gets us one step closer to beating… Read More

Wall Street is becoming increasingly positive this morning on the idea that a vaccine might be available this year by Pfizer. Momentum in vaccine development would be an incremental catalyst on top of economic restarts. A vaccine could allow individuals to interact… Read More

Morning Market Commentary: Governments and central banks everywhere have pledged to support the global economy. Countries in Europe and U.S. states are pushing to restart their economies. The sooner asset managers think the outbreak is under control, the sooner they… Read More

Roughly one-third of the S&P 500 Index reports earnings this week. Investor cash levels continue to creep higher. Decent to better than expected earnings and guidance could prove to be a positive catalyst for the stock market. This is a… Read More

Stocks ended narrowly mixed after spending much of the day solidly in the green. Yesterday’s Weekly Jobless Claims report showed another 4.43 million people filed for unemployment. Another big, ugly number. But it was better than last week’s 5.2 million…. Read More

Is the bear market over, and a new bull market has begun? The Dow, on March 26th, after just 11 days in bear market territory (the shortest bear market ever), came roaring back to close up by 21.3% from its… Read More

The historic slump in oil completely ruined Wall Street’s rising euphoria. Investors fretted over possibilities that the plunge in crude would impact the oil and gas sector, adding to the recessionary fears sparked by the coronavirus outbreak. But a new… Read More

Stocks closed lower yesterday after getting dragged down by no demand for oil worldwide. The idea being, once the world economy begins to reopen, some of the excess oil will finally get used and demand will rise. Moreover, production will be down… Read More

The COVID-19 outbreak is a classic black swan event, in that it came out of the blue and the global economy will not be the same even when it fades away. The virus disrupted the intricate workings of globalization that… Read More

U.S. stocks surge after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have… Read More

Stocks pulled back yesterday but finished off their lows. As it becomes clear the worst of the outbreak is behind us, the focus remains on opening up the economy. It will likely be on a rolling basis. Lesser hit states… Read More

Different countries will adopt different approaches to ending shutdowns but a common theme is likely to be that restrictions are phased out gradually by sector and, perhaps, region. The extent to which this is accompanied by new mass testing programs… Read More

In the last six weeks the markets have seen the best of times and the worst of times: From February 19 to March 23, the U.S. stock market saw the quickest meltdown in history, for a loss of 33.9% on… Read More

Stocks closed solidly higher on Thursday (the last trading day of the week since markets were closed on Good Friday) and sharply higher for the week. In fact, it was one of the best weeks in decades, in spite of it being a… Read More

The Dow exited its bear market on March 26th, when it closed up by more than 20% from its lowest close. Currently, the Dow is now up 26.04% from its lowest close. The S&P finally followed suit and exited its… Read More

We closed lower on Friday, and lower for the week. But remain well off the lows from the previous week. The big news on Friday was the Employment Situation report. As expected, it was ugly, with a loss of -701,000… Read More

March was really awful. That’s all you can really say about the month. The COVID-19 crisis unfolded in Europe and the U.S. suddenly and accelerated very quickly sending markets into a tailspin not seen since 2008. There was literally nowhere… Read More

A recession is likely, yet compared to recent weeks, there are encouraging signs in fiscal policy response and market activity. We are now likely at the lower end of leverage in the system and the volatility associated with recent deleveraging… Read More

Required Minimum Distributions Are Waived In 2020 Section 2203 of the CARES Act amends IRC Section 401(a)(9) to suspend required minimum distributions (RMDs) during 2020. The relief provided by this provision is broad, and applies to Traditional IRAs, SEP IRAs,… Read More

Congressional Stimulus is Approved The $2trn stimulus package agreed by Congress will include a permanent fiscal expansion worth up to 5% of GDP and, in conjunction with the new lending facilities announced by the Fed, could channel up to $6trn… Read More

In February, I met and had lunch with Joe Davis, Vanguard’s Global Chief Economist, and he was kind enough to send me his latest thoughts on his forecast of the US Economy. JOE DAVIS Vanguard Global Chief Economist A sharp… Read More

The bull market, which showed no signs of slowing at the beginning of the year is stopped in its tracks due to the coronavirus. The whirlwind of market volatility persists, with the stock market posting dramatic single-day moves that are… Read More

Stocks closed higher yesterday as the market tries to put in a bottom. The Dow is now up 6.18% off its lows, with the S&P up 5.65%, and the Nasdaq up 6.94% off its lows and today seems like a… Read More

We have been closely tracking the data associated with the COVID-19 coronavirus and the impact it has had on the global economy and markets. At BWFA, the health and well-being of our employees is a top priority. We have already… Read More

BWFA continues to monitor the changing global financial market conditions. Since our last update there have been some dramatic steps taken by the United States government both through fiscal and monetary policy changes in an effort to combat the effects… Read More

This week marked the end of the longest bull market on record for the United States. Since October 9, 2007 (the peak preceding the Financial Crisis) to February 19, 2020, US equities (as proxied by the S&P 500 total return… Read More

The Markets (as of market close March 6, 2020)   There have been mounting concerns about the spread of the coronavirus and the potential impact on the market (and your health). This concern has expressed itself in the global financial… Read More

The Markets (as of market close February 28, 2020)   Panicked investors continued a major sell-off last week, pushing stocks to double-digit losses. Fears of a major global economic impact increased as the coronavirus continued to spread across multiple countries…. Read More

The Markets (as of market close February 21, 2020)   The run of positive weekly market gains ended last week as each of the benchmark indexes lost value. The spread of the coronavirus from China to other countries has investors worried… Read More

The Markets (as of market close February 14, 2020)   Despite the ongoing battle against the coronavirus, stocks reached record highs last week. Solid economic data, strong retail sales, and favorable corporate earnings reports helped quell investors’ fears that the… Read More

The Markets (as of market close February 7, 2020)   Stocks rebounded and long-term bond yields rose last week amid reports of China’s plans to cut tariffs on some American imports. The S&P 500, Dow, and Nasdaq reached all-time highs… Read More

The Markets (as of market close January 31, 2020)   Investors continue to be rattled by the growing concern over the spread of the coronavirus, pulling money from stocks for the second week in a row. Each of the benchmark… Read More

The Markets (as of market close January 24, 2020)   Last week proved to be a tough one for the market as the benchmark indexes lost value. Concern over the possible spread of the coronavirus from China apparently provided the… Read More

The Markets (as of market close January 17, 2020)   Each of the benchmark indexes enjoyed strong gains last week, led by the Russell 2000, which climbed 2.53% to push its year-to-date gains to nearly 2.0%. The Dow has posted… Read More

The Markets (as of market close January 10, 2020)   Last Friday’s jobs report was a mixed bag of information. While 145,000 new jobs were added and the unemployment rate remained at 3.5%, wage growth was tepid in December to… Read More

The Markets (as of market close January 3, 2020)   A strong start last week was wiped out by rising tensions in the Middle East. Only the Nasdaq was able to close slightly higher last week as the other benchmark… Read More

The Markets (as of market close December 27, 2019)   The holiday spirit, coupled with renewed optimism on the trade front, helped propel stocks higher last week. The tech-heavy Nasdaq outperformed the other benchmark indexes, crossing the 9000 plateau for… Read More

The Markets (as of market close December 20, 2019)   Stocks continued to surge last week, reaching new record highs ahead of the Christmas holiday. The S&P 500 recorded its largest weekly percentage gain in several months. Both the Dow… Read More

The Markets (as of market close December 13, 2019)   Positive developments finally arrived in the ongoing trade war between the United States and China. Last Friday, the United States announced phase one of a trade deal with China. The… Read More

The Markets (as of market close December 6, 2019)   Market performance was uneven last week, culminating in some of the benchmark indexes closing in the black while a few lost value by week’s end. A strong jobs report and… Read More

The Markets (as of market close November 29, 2019)   The holiday-shortened week was a good one for investors as they were encouraged by the growing likelihood of “phase one” in the resolution of the trade war between China and… Read More

The Markets (as of market close November 22, 2019)   The market’s run of weekly gains ended last week as each of the major benchmark indexes lost value. Once again, trade concerns may have prompted investors to pull back from… Read More

The Markets (as of market close November 15, 2019)   The large caps of the Dow and S&P 500 surged last week. The Dow reached 28000 for the first time in its history while the S&P 500 posted solid gains… Read More

The Markets (as of market close November 8, 2019)   The Dow hit a new record high last week, and the major benchmark indexes posted solid gains as investors received encouraging news on the trade front. Both the United States… Read More

The Markets (as of market close November 1, 2019)   A better-than-expected jobs report and strong third-quarter earnings from some major companies drove stock prices higher for the fourth consecutive week. The S&P 500 and the Nasdaq reached closing highs… Read More

The Markets (as of market close October 25, 2019)   Solid corporate earnings reports and encouraging signs on the trade war front spurred stocks higher last week. The S&P 500 reached its second highest closing value by last Friday, while… Read More

The Markets (as of market close October 18, 2019)   For the second week in a row, the major benchmark indexes (except for the Dow) posted gains last week. Stocks got a boost from some strong third-quarter earnings reports as… Read More

The Markets (as of market close October 11, 2019)   Last week, the United States and China had reached a “substantial, phase-one” agreement to resolve the trade war between the economic giants. Essentially, the United States agreed to hold off… Read More

The Markets (as of market close October 4, 2019)   Stocks and long-term bond yields fell again last week as fears of an economic slowdown, both here and abroad, worried investors. Despite a solid labor report, unfavorable reports from domestic… Read More

The Markets (as of market close September 27, 2019)   The benchmark indexes lost value for the second consecutive week, with the S&P 500, the Dow, and the Nasdaq sinking to levels not seen since August. Investors were hit with… Read More

The Markets (as of market close September 20, 2019)   Following three consecutive weekly gains, stocks closed down last week. Despite another drop in interest rates, news that a Chinese delegation involved in trade negotiations would be returning home earlier… Read More

The Markets (as of market close September 13, 2019)   Stocks continue to rebound from their August declines, posting gains for the third week in a row. Each of the benchmark indexes increased in value, led by the small caps… Read More

The Markets (as of market close September 6, 2019)   Stocks climbed last week following positive rhetoric from high-ranking Chinese officials who plan to meet for another round of trade discussions in Washington next month. This is welcome news for… Read More

The Markets (as of market close August 30, 2019)   Stocks rebounded last week after China’s Ministry of Commerce indicated that China had no immediate intention to respond to the U.S.’s latest threat of an additional round of tariff increases… Read More

The Markets (as of market close August 23, 2019)   Stock gains enjoyed earlier last week were lost by week’s end on ramped-up trade rhetoric from the United States. Stocks surged earlier in the week on favorable earnings reports from… Read More

The Markets (as of market close August 16, 2019)   Volatility is the best term to describe stocks last week. Despite a Friday surge, stocks fell for the third consecutive week. Wednesday proved to be the most tumultuous day, as… Read More

The Markets (as of market close August 9, 2019)   Fearful that the ongoing trade war between the United States and China could slow economic growth at home and abroad, investors have pulled money from stocks and adopted a “wait-and-see”… Read More

The Markets (as of market close August 2, 2019)   Not even a strong labor report could save stocks from tumbling last week, likely in response to President Trump’s tweet that he intended to raise tariffs on an additional $300… Read More

The Markets (as of market close July 26, 2019)   Strong earnings reports plus a favorable gross domestic product report were enough to boost stocks last week. The S&P 500 notched a new record high last week, as did the… Read More

The Markets (as of market close July 19, 2019)   All major stock market indexes closed last week in the red. Energy stocks dropped, as oil prices fell. Stocks in communication services and transportation also declined, impacting the large-cap indexes…. Read More

The Markets (as of market close July 12, 2019)   Both the Dow and the S&P 500 reached new record highs last week. The Dow surged past 27000 for the first time, while the S&P 500 surpassed the 3000 threshold…. Read More

The Markets (as of market close July 5, 2019)   Last week, June’s labor report was strong enough to likely prompt the Fed to hold interest rates at their current level (and forestall a rate cut). Feeding off the latest… Read More

The Markets (as of market close June 28, 2019)   With a strong close last Friday, stocks recovered most of the losses from earlier last week. Only the Russell 2000 posted a weekly gain, and has increased over 16% year-to-date…. Read More

The Markets (as of market close June 21, 2019)   Stocks enjoyed another week of strong growth as investors were encouraged by the Fed’s decision to keep interest rates unchanged and hope for a resolution to the ongoing trade war… Read More

The Markets (as of market close June 14, 2019)   While not as robust as the prior week, stocks managed to post gains for the second week in a row. Last week started off with a bang for the major… Read More

The Markets (as of market close June 7, 2019)   Markets rebounded nicely last week on hopes that the Federal Reserve Board will cut interest rates in the near future. Early in the week, the Fed was signaled rate cuts… Read More

The Markets (as of market close May 31, 2019)   Treasury yields fell to their lowest level in 2019, gold prices soared, oil prices fell, trade tensions wore on investors’ nerves, and stocks fell again last week. Mounting trade tensions… Read More

The Markets (as of market close May 24, 2019)   With last week’s loss, the Dow suffered its longest weekly losing streak since 2011. Trade tensions between the United States and China seem to be taking a toll on investors’… Read More

The Markets (as of market close May 17, 2019)   Investors were heading for the hills early last week as stocks suffered their worst day on Monday following China’s announcement that it would impose an additional $60 billion in retaliatory… Read More

The Markets (as of market close May 10, 2019)   Only a late rally last Friday saved the benchmark indexes from their worst week of the year. As it was, each of the major stock indexes fell at least 2.12%,… Read More

The Markets (as of market close May 3, 2019)   Stocks “labored” for much of last week only to rally following a strong employment report. That report, coupled with the Fed holding interest rates steady, gave investors the confidence to… Read More

The Markets (as of market close April 26, 2019)   The S&P 500 and Nasdaq reached record highs last week on the heels of an unexpectedly strong GDP report. Tech shares got a boost from strong quarterly earnings reports from… Read More

The Markets (as of market close April 19, 2019)   Stocks moved very little during the holiday-shortened week (markets were closed in observance of Good Friday). The large caps of the Dow inched up a little over 0.5%, while the… Read More

The Markets (as of market close April 12, 2019)   Trading was fairly light last week as investors await the start of quarterly corporate earnings reports. With several large corporations reporting lower-than-expected profits, investors may be leery of this round… Read More

The Markets (as of market close April 5, 2019)   Stocks marked a second consecutive week of solid gains, led by the small caps of the Russell 2000 and the tech-heavy Nasdaq. The S&P 500 recorded seven consecutive days of… Read More

The Markets (as of market close March 29, 2019)   Stocks rebounded last week to close the final week of March and the first quarter of 2019 in the black. Each of the major stock benchmark indexes gained over 1.0%… Read More

The Markets (as of market close March 22, 2019)   Last week started well for investors as stock indexes continued to climb on the heels of the prior week’s robust performance. However, reports of a weakening global economy prompted a… Read More

The Markets (as of market close December 7, 2018)   Tech shares were bullish last week, leading the way for what turned out to be a very strong performance in the market. The tech-heavy Nasdaq outperformed the other major benchmark… Read More

The Markets (as of market close March 8, 2019)   The major stock market benchmark indexes suffered their worst showing last week since December. Hardest hit was the Russell 2000, which fell over 4.0%. Unsettling global economic news had investors… Read More

The Markets (as of market close March 1, 2019)   The momentum stocks which have enjoyed positive returns since the beginning of the year waned some last week as investors took time to consider economic and trade developments. The tech-heavy… Read More

The Markets (as of market close February 22, 2019)   The benchmark indexes listed here posted modest gains last week, led by the small caps of the Russell 2000. With another weekly gain, the Dow has enjoyed its longest streak… Read More

The Markets (as of market close February 15, 2019)   Stocks extended their streak last week, as each of the major benchmark stock indexes posted gains of at least 2.0%. Positive developments in the trade talks between the United States… Read More

The Markets (as of market close February 8, 2019)   Most of the major benchmark equity indexes posted gains for the seventh consecutive week. Only the Global Dow lagged behind. Utilities and information technology shares performed well last week, while… Read More

The Markets (as of market close February 1, 2019)   The benchmark indexes listed here rose for the week, particularly last Wednesday and Thursday. Strong corporate earnings reports, especially in the communication services sector, helped push stock prices higher. However,… Read More

The Markets (as of market close January 25, 2019)   Last week did not start off well in the market. However, stocks rebounded on Friday, recouping much of the value lost earlier in the week. Nevertheless, stocks ended last week… Read More

The Markets (as of market close January 18, 2019)   Rhetoric that trade tensions between the United States and China may be easing helped quell investors’ concerns, prompting a stock market rally last week. The stock market seems to be… Read More

The Markets (as of market close January 11, 2019)   For the third straight week, stocks posted positive returns by the close of last week. Each of the major stock market indexes gained at least 2.40%, with the small caps… Read More

The Markets (as of market close January 4, 2019)   Stocks posted solid gains by the close of the first week of the new year. A favorable jobs report helped push the benchmark indexes higher last Friday, as stocks recovered… Read More

The Markets (as of market close December 28, 2018)   A crazy week of market swings finally closed with each of the major stock benchmark indexes posting gains for the first time in three weeks. Christmas Eve (Monday) saw stocks… Read More

The Markets (as of market close December 14, 2018)   A market correction refers to a decline in a stock or index of at least 10% following a temporary high price. After last week’s losses, the Dow, S&P 500, and… Read More

The Markets (as of market close December 7, 2018)   Losses in technology and health-care stocks accounted for much of last week’s market drop. The tech-heavy Nasdaq and the small caps of the Russell 2000 suffered the largest declines, leading… Read More

The Markets (as of market close November 30, 2018)   Stocks rebounded last week, posting their best gains since February. The S&P 500 climbed 4.85% last week, a percentage jump not reached since the end of 2011. Overall, the large-cap… Read More