Client resources & news, continued
November 30, 2020
Dow Hits 30,000
The Week on Wall Street
Stocks surged last week, ignited by another COVID-19 vaccine announcement, encouraging economic data, and the easing of political uncertainty. 

Dow Breaks 30,000
For the third consecutive week, markets opened on Monday to yet another announcement of a potential COVID-19 vaccine. 

Stock prices found additional support on news that President-elect Biden would be nominating Janet Yellen, the former Chair of the Federal Reserve, to be Secretary of the Treasury. Investors reacted well to the choice, encouraged by her previously voiced support for greater fiscal stimulus and relieved that a candidate less antagonistic to the industry was selected.

Positive momentum continued into the following day, driving the Dow Jones Industrial Average, S&P 500 index, and the Russell 2000 to record high levels, with the Dow closing above the 30,000 milestone.[i]

Stocks eased off their highs in pre-Thanksgiving trading, though they recovered some of those losses on Friday, as the S&P 500 and NASDAQ Composite closed with fresh record highs.[ii]

A Microcosm of the Economy
The economic outlook has been difficult to figure out due to conflicting signals. One day it’s a historic jump in economic growth; another day it’s a record high in new COVID-19 infections. Last week was a good illustration of this. Reports of healthy consumer spending, a solid rise in durable goods orders, and sales of new homes remaining near almost-14-year highs were balanced by a jump in new jobless claims, a decline in household income, and new state and local COVID-related restrictions.[iii]

Last week investors chose to see the glass half full and look past the near-term challenges the economy faces. 


[i] CNBC, November 24, 2020
[ii] The Wall Street Journal, November 27, 2020
[iii] The Wall Street Journal, November 25, 2020
My Favorite Year
Movie Review by Bob Blattel
This 1982 comedy is an homage to the early days of television. The film takes place in 1954 in New York City, and primarily focuses on the behind-the-scenes work to create a weekly comedy show.

One week, an over-the-hill celebrity Alan Swann agrees to guest star on the live show. However, Swann is an alcoholic womanizer who frequently gets into trouble. So the show assigns him a handler—a junior writer who volunteers to keep his idol Swann out of trouble. In the days leading up to showtime, the two unlikely companions are involved in some shenanigans, family troubles, and discover deep insights about themselves and each other.

The big question is whether or not Swann will actually show up (sober) for the live show. You’ll have to watch My Favorite Year to find out, but the climax is well worth the wait. The final scenes of the movie are physical comedy at its best.

A few things that make this film noteworthy—lots of great character actors, one-liners, and a real feel for the time period. And my favorite is that Swann’s character is based loosely on Errol Flynn and played by Peter O’Toole in one of his rare comedic roles.

Grab your popcorn and enjoy!

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