Market Update for the Quarter Ending March 31, 2020
Posted by Davenport Wealth Management on Mon, 04/06/2020 - 10:11
Shocking month ends terrible quarter
March was another terrible month for stocks, capping off a turbulent quarter. The continued spread of the novel coronavirus led to even more fear and uncertainty in global markets. The S&P 500 declined by 12.35 percent for the month and 19.60 percent for the quarter. The Dow Jones Industrial Average (DJIA) did even worse, dropping by 13.62 percent for the month and 22.73 percent for the quarter. The Nasdaq Composite performed the best, but it still lost 10.03 percent in March, contributing to a 13.95 percent decline for the quarter.
Weekly Market Update, April 6, 2020
Posted by Davenport Wealth Management on Mon, 04/06/2020 - 09:00
General Market News
- The 10-year Treasury yield opened at 0.61 percent on Monday. The 2-year opened at 0.25 percent, and the 30-year remained elevated, opening at 1.25 percent. The anticipation of the U.S. Treasury issuing a record amount of 30-year debt to pay for the $2 trillion stimulus package is keeping long rates higher. COVID-19’s long-term effect on American lives and the U.S. economy is still yet to be fully understood. We expect to see continued volatility in the weeks to come.
Families First Coronavirus Response Act: FAQs for Workers
Posted by Davenport Wealth Management on Fri, 04/03/2020 - 10:55
President Trump signed the Families First Coronavirus Response Act (FFCRA) on March 18, 2020. The FFCRA amends portions of the existing federal Family and Medical Leave Act to provide paid sick leave and paid family and medical leave to employees affected by COVID-19. It contains two major provisions: the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act. Both provisions became effective April 1, 2020, and expire December 31, 2020.
How Plan Sponsors Should Respond to the CARES Act
Posted by Davenport Wealth Management on Fri, 04/03/2020 - 10:15
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020, is an unprecedented $2.2 trillion relief package for American taxpayers and families facing the prospect of short- and long-term financial hardship due to the COVID-19 pandemic. Let’s examine the retirement-related provisions that will affect employers and their employees, along with some best practices for retirement plan sponsors as they navigate these challenging times.
Are We Making Progress in the Coronavirus Crisis?
Posted by Davenport Wealth Management on Thu, 04/02/2020 - 10:33
We’ve all seen the headlines on the rising number of coronavirus cases and our overtaxed health care system. There’s no doubt that we’re in a terrible situation. But to understand if things are getting worse or if there are actually signs of progress, we must get underneath the rising case counts to see what the data has to say.
Scam Alert! Protecting Yourself and Your Finances
Posted by Davenport Wealth Management on Wed, 04/01/2020 - 15:00
The number of stories about fraudsters taking advantage of unsuspecting victims seems to grow by the day. Of course, it’s easy to think, “This will never happen to me!” But to keep your money and personal information safe, it’s vital to stay abreast of the latest scams.
The Importance of Estate Planning in a Health Crisis
Posted by Davenport Wealth Management on Wed, 04/01/2020 - 14:00
In these trying times, your estate plan may not be top of mind. But an up-to-date plan can help you manage family matters during the current health crisis, as well as prepare you for whatever the future may hold.
What You Need to Know About “Recovery Rebates” Under the CARES Act
Posted by Davenport Wealth Management on Wed, 04/01/2020 - 13:00
On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in an effort to help Americans manage the impact of the global COVID-19 pandemic. The bill provided sweeping assistance to industries hit hard by the crisis, as well as small businesses and individuals. One of the most notable aspects of the bill is the so-called “recovery rebates,” or stimulus checks, that will be sent to many Americans. Below are the answers to some frequently asked questions about these checks.
The CARES Act 2020 RMD Waiver: What You Need to Know
Posted by Davenport Wealth Management on Wed, 04/01/2020 - 12:00
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.
The CARES Act Student Loan Relief Options: Who Benefits and How?
Posted by Davenport Wealth Management on Wed, 04/01/2020 - 11:00
In response to the economic impact of COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. The CARES Act encompasses a number of provisions that offer relief for student loan borrowers. If you have a student loan, here’s what you need to know.