Weekly Market Commentary

November 9, 2020

 

The Market’s Strength Surprises Despite The Election Upheavals

 

It’s said markets hate uncertainty, but despite tremendous uncertainty about the outcome of the election, major domestic and international stock indices moved higher. It could have been a difficult week for the stock market. As of Friday, we still didn’t know whether Joe Biden or Donald Trump had won or which party would control the Senate. There was also set to be at least two recounts – one in Georgia, and one in Michigan.

Perhaps investor confidence may have been grounded in a wave of positive economic news:

  • 15 of 18 manufacturing industries grew in October. The Manufacturing Manager’s Index rose 3.9 percent in October an indication manufacturing is improving and the economy is growing.
  • Rates remained low. The Federal Reserve kept rates near zero, which supports economic growth. The Fed’s Open Market Committee statement indicated supportive monetary policy would continue
  • People are going back to work. More jobs were created in October than economists expected. The unemployment report showed 638,000 new jobs for October and the unemployment rate fell to 6.9 percent. That’s an improvement on April’s unemployment level of 14.7 percent.

 

A SALUTE TO VETERANS AND GOLD STAR FAMILIES. This week we celebrate Veterans Day. The U.S. Department of the Interior is celebrating by giving veterans and Gold Star families free access to national parks, wildlife refuges, and other public lands.

To gain free admission on Veterans Day 2020 – and every day after – anyone who has served in the United States Armed Forces, including the National Guard and Reserves, can show one of the following forms of identification:

  • Veteran ID Card
  • Department of Defense ID Card
  • Veteran Health Identification Card
  • Veteran’s designation on a state-issued driver’s license or state ID card

The most frequently visited National Park Service sites across the country include:

  • Golden Gate National Recreation Area
  • Blue Ridge Parkway
  • Great Smoky Mountains National Park
  • Gateway National Recreation Area
  • Lincoln Memorial
  • George Washington Memorial Parkway
  • Lake Mead National Recreation Area
  • Natchez Trace Parkway
  • Grand Canyon National Park
  • Gulf Islands National Seashore

Happy Veterans Day and thank all of you who served your country and a special thank you to all the families who supported their veterans.

 

Focus On The Positive

“There is nothing so American as our national parks…The fundamental idea behind the parks…is that the country belongs to the people, that it is in process of making for the enrichment of the lives of all of us.”

–Franklin Delano Roosevelt, 32nd U.S. President

 

Best regards,

Bill Spalding