Weekly Market Update, May 4, 2020
Posted by Davenport Wealth Management on Mon, 05/04/2020 - 09:00
General Market News
- The 10-year Treasury yield opened at 0.59 percent on Monday, which is where it has been for the better part of the past three weeks. The 30-year yield opened at 1.23 percent, and the 2-year yield opened at 0.18 percent. With the start of the new month, we will receive numbers from April, which will give us a better idea of the effects of the quarantine. Interest rate markets have priced in some of the predictions but seem to be waiting for more economic data.
Coronavirus Update: Are We on the Way Back to “Normal”?
Posted by Davenport Wealth Management on Fri, 05/01/2020 - 11:05
As we take stock of where we are now in the coronavirus crisis, we’re seeing signs of real progress. The growth rate has been slowing, although the case count has not declined as steadily. States are beginning to reopen, which will provide valuable data and should help with the employment numbers. Finally, the markets have continued to rally but may have gotten a bit ahead of themselves. So, are we on our way back to “normal”?
Market Update for the Month Ending April 30, 2020
Posted by Davenport Wealth Management on Fri, 05/01/2020 - 11:00
Markets rebound in April
Equity markets saw a swift recovery in April, as progress toward slowing the spread of the coronavirus gave hope to investors. The S&P 500 rose by 12.82 percent, marking the best monthly gain since 1987. The Dow Jones Industrial Average (DJIA) gained 11.22 percent for the month, while the Nasdaq Composite, with its heavy technology weighting, led the way with a 15.49 percent gain.
Unemployment Benefits Under the CARES Act
Posted by Davenport Wealth Management on Fri, 05/01/2020 - 09:00
The Department of Labor (DOL) sets overall standards for unemployment benefits, and each state processes applications and determines its residents’ eligibility through its own program. Generally, most states have a one-week waiting period before eligibility for unemployment benefits begins, limit the length of unemployment benefits to 26 weeks, and require proof that an applicant is actively looking for a new job. There is no amount of unemployment benefits set by federal law, and the amount received by an unemployed individual varies by state.
The CARES Act 2020 RMD Waiver: What You Need to Know
Posted by Davenport Wealth Management on Thu, 04/30/2020 - 11:15
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.
Is the Coronavirus a Threat to Your Information Security?
Posted by Davenport Wealth Management on Wed, 04/29/2020 - 10:50
With all of the news surrounding the health and financial implications of the coronavirus, its threat to your information security may not be top of mind. At least that’s what scammers are counting on. They’re hoping to exploit the global pandemic to their advantage—preying on victims with everything from phishing emails to fake charities—for their own commercial gain.
Weekly Market Update, April 27, 2020
Posted by Davenport Wealth Management on Mon, 04/27/2020 - 09:00
General Market News
- The rates market experienced some volatility last week, but it ended the week only slightly below where it started. The 10-year Treasury yield dropped from 0.65 percent to 0.53 percent last week and opened at 0.62 percent on Monday. The 30-year was as high as 1.41 percent about 10 days ago and now stands at 1.19 percent, while the 2-year has stayed quite steady over the past 10 days and opened at 0.22 percent. The Federal Reserve (Fed) is set to meet this week.
Avoiding the Unintended Tax Consequences of the 529 Plan Refund
Posted by Davenport Wealth Management on Fri, 04/24/2020 - 11:00
One of the many consequences of the COVID-19 pandemic has been the closure of colleges and universities across the country. If you or your student has been affected by this unforeseen disruption, you may receive a refund of payments originally made for “qualified” educational expenses from your 529 educational savings plan.
What Will Progress in the Coronavirus Crisis Mean for the Economy and Markets?
Posted by Davenport Wealth Management on Fri, 04/24/2020 - 10:00
In the past week, we’ve seen signs of progress in the coronavirus pandemic. As such, it’s a good time to evaluate where we are with containing the virus—and what comes next for the markets and economy. Let’s start with taking a look at the data on the virus itself.
Weekly Market Update, April 20, 2020
Posted by Davenport Wealth Management on Mon, 04/20/2020 - 09:00
General Market News
- Rates moved lower last week, with the 10-year Treasury yield reaching 0.58 percent and opening slightly higher on Monday at 0.63 percent. The 30-year opened at 1.25 percent, and the 2-year opened at 0.19 percent. Rates are reacting to the COVID-19 pandemic and have started paying attention to the economic impact it will have this year and into 2021. The Federal Reserve is set to meet next Wednesday, April 29.