S&P 500 Continues Unprecedented RallySubmitted by Beacon Financial Planning of Cape Cod, Inc. on August 24th, 2020
Friday, August 21st, 2020
We hope today's newsletter finds you well and gearing up for a nice weekend. Just a quick note before we dive into our latest market commentary - for our clients who are currently navigating a return to school for your children; whether it be virtual, in-person or a hybrid of the two, we wish you all the best and for any parent who needs to hear it, you're doing a great job!
This year has been nothing short of unprecedented and if you're like us, we miss the days when things were "precedented." This week on August 18th, the S&P 500 surpassed February 19th's high and effectively wiped out all of this year's losses - the market lost 33% from February 19th to March 23rd and recovered all of those loses in just 126 days.
Source: S&P 500 Rises to a Record Close
We, like most investors, are waving the caution flag. And as we close in on less than 75 days until the election in November, we are expecting and are prepared for more market volatility. In moments of uncertainty, please remember we are here for you - to remind you of your long-term goals and to help you make the right short-term decisions. There are so many factors in the market that we cannot control, which makes it extremely important to control that which we can. We urge you to contact us if you anticipate any near-term cash needs (within the next 9-12 months) for which we can pro-actively prepare.
We continue to leverage technology to hold our client meetings virtually via Screen Meet and we thank you for your willingness to participate using this software when we know its new to a lot of you. We will continue to hold virtual client meetings until we are confident that we can keep our clients and our team healthy & safe.