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| J. PINK ASSOCIATES, INC.,
FINANCIAL ADVISORS
555 Taxter Rd. Suite 190
Elmsford, NY 10523
Ph... 914-524-7770
Fax. 914-524-7771
Weekly Market Review |
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| Greetings!
I hope you had a nice weekend and will have a wonderful week.
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| Market Commentary
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Stock investors were hoping that the S&P 500's bear market closing low from late November last year would prove to be as bad as things would get. But the stock index dropped through that previous low not once but twice last week, finishing Friday at 735, down a whopping 53% from the index's all-time closing high set almost 17 months ago. Stocks have given back more than $10 trillion of value during the current bear market (source: USA Today).
Traders may have been glum during the week, but optimists were evident both on Wall Street and in Washington. Fed Chairman Ben Bernanke, testifying before the Senate Finance committee on Tuesday suggested that "there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery." President Obama, speaking before a joint session of Congress and a national television audience on the same day said that "we will rebuild, we will recover, and the United States of America will emerge stronger than before." Famous investor Warren Buffett, writing in his annual letter to shareholders, stated that "America's best days lie ahead" (source: AP).
The nation's unemployment numbers from February will be released on Friday. January's job losses of 598,000 boosted our unemployment rate to 7.6% (source DOL). |
| Notable Numbers for the Week:
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1. UPSIDE DOWN - 30% of US homeowners surveyed within the last month that have mortgage debt on their residence believe their outstanding debt exceeds the current fair market value of their home (source: Pew Research).
2. ENOUGH - Nearly 2 out of every 3 American business executives surveyed (64%) do not support the rescue of any additional US industries beyond the bank and auto bailouts that have already been started by the government (source: Deloitte, USA Today).
3. BUDGET MANAGEMENT - Only 5 of the 50 US states are projecting a balanced budget for the current 2009 fiscal year and for next year's 2010 fiscal year. The 5 states are Arkansas, Montana, North Dakota, West Virginia and Wyoming (source: Tax Foundation).
4. A VERY LONG TIME - The stimulus package signed into law by President Obama on 2/17/09 has been valued at $787 billion, i.e., the combined value of federal spending and proposed tax cuts over the years 2009-10. It would take an individual spending $1 million a day more than 2,156 years to spend $787 billion (source: BTN Research). |
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At J. Pink Associates, we do comprehensive financial planning and wealth management for families and small businesses by getting to know the unique details of your financial world and thoughtfully crafting a strategy to identify and support your goals.
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This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed by NFP Securities, Inc. as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The indices mentioned are unmanaged and cannot be directly invested into. Past performance does not guarantee future results. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the US stock market.
Securities and Investment Advisory Services offered through NFP Securities, Inc. a Broker/ Dealer, Member FINRA/ SIPC and a Federally Registered Investment Advisor.
NFP Securities, Inc. does not offer tax or legal advice
NFP Securities, Inc. Is not affiliated with J. Pink Associates, Inc., Financial Advisors
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