Monthly Market Update | December, 2023

🎙️"The Dow Jones Industrial Average closed at its HIGHEST level since January of 2022...."
 
💥 Michael Baum, CFP®, RICP® breaks down the latest news from the financial markets and how that may impact your finances during this busy holiday season. 

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Transcript

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Welcome to You and Your Money. Empowering you to reach your goals with tips to help you Plan Well, Invest Well and Live Well. This month's market update comes from Michael Baum, vice president and associate financial advisor at Weiss, Hale and Zahansky Strategic Wealth Advisors. Now on to today's topic. Mike, what's happening in the markets? Well, November was a great month for U.S. stocks with U.S. with the Dow Jones Industrial Average closing at its highest level since January of 2022. So almost two years since it's been this high, up about 9% year to date. Now, the S&P 500 and NASDAQ also had their best month since July of 2022 and now have year to date gains of over 18% and over 35%, respectively. International stocks are also strongly positive, and the U.S. Aggregate bond index has also ticked up since October and is now up about 3% year to date. What's driving these positive returns? Gary, has been this steady stream of data indicating that inflation is slowing down and the Federal Reserve may be done raising interest rates or even able to consider cutting interest rates in mid 2024. Jobs data from yesterday shows the labor market is cooling, but overall labor market conditions are still very strong and consumer spending has also remained strong, with a 2.2% year over year increase in October and a strong early start to the holiday retail season. These are positive signs for a potential soft landing where inflation gets back to the Fed's target 2% level and we're able to avoid a recession. But, you know, we've seen the data give us false hope before rates could stay higher for longer. So navigating this environment remains a little bit tricky. But our investment committee will continue tracking the data and positioning client portfolios accordingly. Well, there you go. It's complicated. There's a lot a lot of moving parts here. But thank you for that rundown. That's all the updates we have for now. Thanks for listening to You and Your Money find even more episodes, videos and other resources at our website whzwealth.com. Be sure to come back next week for more tips to help you live fearlessy and pursue your financial and life goals. Until then, live well. Weiss, Hale and Zahansky Strategic Wealth Advisors offer securities and advisory services through Commonwealth Financial Network member FINRA/SIPC, a registered investment advisor. Fixed insurance products and services offered through CES Insurance Agency. They practice at 697 Pomfret Street Pomfret Center, Connecticut, 06259 and can be reached at 860-928-2341. Weiss , Hale and Zahansky Strategic Wealth advisors do not provide legal or tax advice. The tenured financial services team strive to support clients in achieving their financial life goals. For more information regarding wealth management and customized financial planning with Weiss, Hale and Zahansky Strategic Wealth Advisors, please visit www.whzwealth.com.