APRIL 2023

In our first article below, read about navigating today’s conflicting economic information, how foreign central bank policies may put downward pressure on the U.S. dollar, and how investors consider factors impacting stocks as economic risks linger. Feel free to call us if you would like to discuss this further.

With recent bank failures and uncertainty, we have received some calls from clients asking how safe their investments are. Through every market condition, through every stage of your life—and your family’s life—Janney provides stability and coverage for the safety and security of your assets. Our second article details how every dollar of your investments with us is protected.

Awards and Recognitions

We would like to share that we were recently recognized by two industry awards: Barron’s Top 1,200 Financial Advisors and as a Forbes 2023 Best-In-State Top Wealth Advisor. Although these are individual industry recognitions, these prestigious awards are shared by the Chornyak team. This follows the team’s recent recognition as a 2023 Forbes Best-In-State Top Wealth Management Team.

Accepting New Clients

We have recently been asked by several people, “Are you still accepting new clients?” Over the past 45 years, we have been fortunate to see our practice steadily grow by word of mouth from existing clients and advisors who thought we could help their family, friends, and colleagues with their financial planning needs. So, yes, we continue to value introductions to new clients who are looking for financial guidance. We have a strong growing staff to work with our new clients. In fact, we have recently added people to help with this. Please let us know if you or your family have further financial planning needs, or if you would like to introduce us to someone who might.

This month's "What's Happening Now" section shares interesting stories on how to add one more important thing to your estate plan, are you responsible for your in-laws if they run out of money, and an adorable converted schoolhouse on the market for less than $300,000.

We'd like to hear from you. Please feel free to contact us by phone at 614-888-2121, toll-free 877-389-2121 or email jchornyak@janney.com with any questions or comments. 

March Investment Perspectives

Read about navigating today’s conflicting economic information, how foreign central bank policies may put downward pressure on the U.S. dollar, and how investors consider factors impacting stocks as economic risks linger.

Account Protection at Janney

What does SIPC protection mean, and how does Janney protect my account? As a valued client of Janney Montgomery Scott LLC (Janney), the assets in your account are protected in several ways. 

What's Happening Now

Add this one more thing to your estate plan

Am I responsible for my in-laws if they run out of money?

Adorable Converted Schoolhouse Is on the Market for Less Than $300,000

Market Update

Wall Street proved resilient during the first quarter of the year, despite rising inflation, uncertainty about the Federal Reserve's actions, interest-rate hikes, and banking concerns. Inflationary data in January seemed to show inflation may have peaked, and the Fed would scale back its interest-rate hikes, if not cut them. However, subsequent inflation data showed prices ramped up again. Stocks and bond prices dipped as investors responded to concerns that interest rates would continue to rise and for a longer period of time. In addition to the impact of rising inflation, two major banks collapsed in March, sending bank stocks lower. Credit Suisse Group, nearing failure, was taken over by rival UBS Group, while several U.S. banks provided funds to keep First Republic Bank afloat. The economic recession that has been predicted has yet to come to fruition. The labor market remained strong, and while inflation continued to rise, the two primary indicators, the Consumer Price Index and the Personal Consumption Expenditures Price Index, showed prices slowed on an annual basis.

Despite all of this apparent turmoil, coupled with the ongoing war in Ukraine, stocks regained their footing and ended the quarter on the plus side. The tech-heavy Nasdaq led the benchmark indexes, followed by the S&P 500, the Global Dow, the Russell 2000, and the Dow. Investors poured money back into Mega cap Tech shares, driving them higher during the first quarter of 2023 after an underperforming 2022. Those gains helped drive the Nasdaq and the S&P 500 higher. Even with investors taking some gains from the Mega caps, other market sectors reaped the benefits. Energy stocks, which excelled in 2022, fell in the first quarter of 2023, as did crude oil prices. Gas prices rose minimally higher, with regular retail prices averaging $3.421 per gallon on March 27, $0.14 over prices on January 4. The dollar dipped lower, while gold prices rose higher.

March was a very choppy month for market returns. Despite an apparent banking crisis, investors stayed the course for the most part, driving stocks mostly higher. The Nasdaq and the S&P 500 led the gainers of the benchmark indexes listed here. Several sectors outperformed, including information technology, communication services, and utilities, while financials fell notably on the heels of the aforementioned bank failures. Manufacturing retracted, while services advanced, according to purchasing managers surveyed. Labor remained strong, with 311,000 new jobs added. Hourly earnings rose by $0.08 for the month and 4.6% since February 2022. The Consumer Price Index rose 0.4% after falling 0.5% the previous month. The PCE price index increased 0.3% and 5.0% over the past 12 months. The economy advanced at an annualized rate of 2.6% in the fourth quarter, short of the 3.2% increase in the third quarter. Crude oil prices and the dollar declined, while gold prices climbed higher.