Weekly Market Wrap: More volatility this week ending with the S&P gaining a fraction at 1,089. Continued problems in Greece and a lower than expected consumer spending figure seemed to drive the market this week. Gold, Oil and the Dollar were all up on the week. Gold was up 3% to $1,214 per oz, Oil was up 5.6% to $73.97 per barrel, and the Dollar gained 1.6% against other major world currencies to $86.71.
Mortgage rates moved slightly higher. The Schwab Bank 15-year rate is now at 4.46% and the 30-year rate is at 5.06%. These rates are as of 5/28/2010 and assume no points, no origination fee and a $250,000 mortgage. If you have the equity available in your home and have thoughts of refinancing now would be a great time to get that done. Give me a call and I can set up a meeting with someone to help get it done for you.
The Week at AAM:
The markets continue their volatile ways this week driven mostly by news in Europe rather than the current state of the US economy. The week ended with a downgrade to Spain’s debts and could signal the start of a domino effect to other markets in Europe which is the biggest fear right now. Greece by itself is not going to destroy the European economy but the possible ripple effects of countries that are heavily invested in Greece losing that equity could. Tensions in North Korea and the possible impact of new laws regarding the oil companies have not helped market sentiment either. I still believe this is more of a buying opportunity rather than the end of this positive run in the markets.
Some of the highlights of my week include:
- Met with a client to help her go through and pay some of her bills.
- Delivered a financial plan to a new financial planning client to get them closer to their upcoming retirement goal.
- Met with the accountant of a client to keep him informed of what I am doing with our client and stay on the same page. I also enjoyed learning about his business and hopefully we can help grow each other’s business.
- Researched a couple of different account aggregating tools that will allow me to import daily from all my clients accounts including 401k’s and bank accounts. This will help my clients as well by giving them an on-line portal to all of their financial information.
- Met with my NAPFA group of local financial advisors and we discussed the state of the markets, economy and what is going on over in Europe and the possible impact on us.
Please let me know if there is ever anything I can do for you or if something has changed in your financial situation to warrant a meeting or a change of investment policy.