New Legislation Extends PPP Loan Applications Through August 8, 2020
Posted by Davenport Wealth Management on Tue, 07/07/2020 - 09:30
The Paycheck Protection Program (PPP) was created to provide loans to support small businesses and save jobs during the COVID-19 pandemic. New legislation seeks to clarify some of the confusion created by ongoing interpretation and retroactive adjustments to this program.
Medical Risks on the Rise, But Economic Recovery Persists
Posted by Davenport Wealth Management on Mon, 07/06/2020 - 11:30
Over the past week, the medical risks have been on the rise. Notably, outbreaks in Arizona, California, Florida, and Texas continued to get worse. All have shown significant spikes, and now health care capacity has become a concern in some cities. Further, multiple other states have also seen expanded case growth. Nationally (as of July 1), the number of new cases broke above 50,000 for the first time, and the daily spread rate is now approaching 2 percent per day. Similarly, even as the number of tests continues to rise, the positive rate is also increasing. The breadth and magnitude of the outbreaks continue to increase the risk at a national level.
Weekly Market Update, July 6, 2020
Posted by Davenport Wealth Management on Mon, 07/06/2020 - 09:30
Market Update for the Quarter Ending June 30, 2020
Posted by Davenport Wealth Management on Wed, 07/01/2020 - 09:30
Positive June caps off strong quarter for markets
June was another positive month for markets, despite concerns about the spread of the coronavirus causing some volatility near month-end. All three major indices posted positive returns for the month. The S&P 500 returned 1.99 percent, the Dow Jones Industrial Average (DJIA) gained 1.82 percent, and the Nasdaq Composite rose by 6.07 percent. On a quarterly basis, all three indices showed strong rebounds following March’s volatility. The Nasdaq led the way with a quarterly gain of 30.95 percent, while the DJIA gained 18.51 percent and the S&P increased by 20.54 percent.
The CARES Act 2020 RMD Waiver: What You Need to Know
Posted by Davenport Wealth Management on Tue, 06/30/2020 - 11:00
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020, includes provisions that temporarily relax several key retirement account rules. One of these provisions is a waiver of required minimum distributions (RMDs) in 2020. Here’s what you need to know.
Weekly Market Update, June 29, 2020
Posted by Davenport Wealth Management on Mon, 06/29/2020 - 14:00
Localized Outbreaks Heighten Fears of National Second Wave
Posted by Davenport Wealth Management on Mon, 06/29/2020 - 08:31
Over the past week, localized outbreaks in several states continued to get worse, increasing the chances of a national second wave of infections. Arizona, California, Florida, and Texas have shown significant spikes in cases in recent days, with the Carolinas also under pressure. Further, multiple other states have experienced expanded case growth. Overall, the virus remains under control in many states, but the breadth and magnitude of the outbreaks have increased the risk at a national level.
Weekly Market Update, June 22, 2020
Posted by Davenport Wealth Management on Mon, 06/22/2020 - 09:00
General Market News
- Treasury rates were largely range bound last week, as Federal Reserve (Fed) Chairman Jerome Powell’s midweek testimony to Congress did not contain major market-moving news. The 10-year Treasury yield started the week at 0.70 percent, slightly higher than last week’s opening yield of 0.66 percent. The story was the same on the longer end of the curve, with the 30-year opening at 1.44 percent, compared with 1.40 percent the week before.
Will Localized Outbreaks Derail Recovery?
Posted by Davenport Wealth Management on Fri, 06/19/2020 - 14:00
The news this week has been a bit of a mixed bag. The bad news is that we’ve seen signs of localized outbreaks in several states. In recent days, Arizona, California, Florida, and Texas have all had significant spikes in cases. But here’s the good news: outside of these and a handful of other states, the virus remains under control. There’s still no sign of a national second wave of infections.
Weekly Market Update, June 15, 2020
Posted by Davenport Wealth Management on Mon, 06/15/2020 - 08:45
General Market News
- Rates took a bit of a roller coaster ride last week, as the 10-year Treasury yield spiked to as high as 0.93 percent following the previous week’s sell-off in the bond market. In fact, most of last week’s rates came back down just about as fast as they spiked the week before. The 10-year opened at 0.66 percent on Monday. The 30-year reached a high of 1.75 percent over the same time frame, falling to 1.40 percent as of Monday morning. The 2-year, which reached a recent high of 0.23 percent, opened at 0.18 percent.