Just wanted to reach out with a quick memo and reminder that the U.S. stock and bond markets are closed today in observance of Washington’s Birthday. We’ll be back in the office tomorrow, please give us a call with any questions you may have or if you would like to set up a meeting.
Looking briefly at last week – stocks ended in positive territory, despite an increase in reported cases of the coronavirus. The Dow Jones Industrial Average rose 1%, the NASDAQ Composite jumped 2.2%, and the Standard & Poor’s 500 Index rose 1.6%.
In the week ahead we’ll be watching data on housing starts, leading indicators, and existing home sales. Also, another fresh batch of earnings reports will be streaming in, with companies including Advance Auto Parts, Walmart, Cheesecake Factory, Hyatt Hotels, Norwegian Cruise Lines, Consolidated Edison, and Deere set to report. More than earnings however, the market will be keeping its eye on the spread and impact of the coronavirus. For now, we hope you are enjoying a relaxing day off from the markets.
All the best – Southport Station Financial Management, LLC