Stock Market Weekly Update - August 23, 2021
- August 23, 2021
Stocks closed the week lower over concerns about the pace of global economic growth. China, the world's second-largest economy, saw retail sales and industrial production slow as that country tries to contain the fallout from the latest resurgence in COVID cases. In addition, the minutes from the July Federal Open Market Committee meeting indicated that at least some of the members are considering tapering the Fed's asset-purchase program sooner rather than later. Each of the benchmark indexes listed here lost value. The Global Dow fell 3.3%, the Russell 2000 dipped 2.5%, and the Dow dropped 1.1%. The dollar and gold prices advanced, while crude oil prices declined 8.5%. The yield on 10-year Treasuries marginally decreased. The market sectors were mixed for the week, with utilities, consumer staples, health care, information technology, and real estate gaining ground, while energy, materials, financials, industrials, and consumer discretionary fell.
There's plenty of important economic data available this week. July figures on sales of existing and new homes are out. The housing sector has slowed from the torrid pace set earlier in the year.
SPENCER NURSE
Title:FINANCIAL ADVISOR, MANAGING DIRECTOR-INVESTMENTS
The Nurse Team has more than 50 years of combined experience in financial planning strategies. As of May 2021, the Team manages over $200 million in client assets. The team focuses on risk-adjusted investment management when assisting clients in addressing their retirement, educational, and philanthropic goals. Spencer and his team take direct responsibility of investment management for client portfolios. In the evolving markets and changes in clients’ lives, the team focuses on creating value based strategies that are tailored to client’s specific situation at various stages in life.
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