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Market Update - May 2, 2021

5/2/2021

 
​Hope all is well. For the second week in a row, the major U.S. stock indexes were little changed overall, as the Dow and NASDAQ were slightly negative and the S&P 500 posted a tiny gain. The lack of sustained movement follows a four-week string of gains that lifted indexes to record highs in mid-April.  April was the fifth positive month out of the past six for the S&P 500, which rose more than 5%. The NASDAQ also added about 5% while the Dow rose nearly 3%. All 11 S&P 500 sectors posted positive results in April.  I have broken down this week's news using quotes from one of the best television characters of all time, Norm from Cheers.
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 "Whatcha up to, Norm?"
"My ideal weight if I were eleven feet tall." 
​The U.S. economy is growing. GDP is nearly back up to its pre-pandemic size after recording its third consecutive quarter of robust growth. GDP grew at a seasonally adjusted annual rate of 6.4% in the first quarter, which put GDP within 1.0% of its historic peak reached in late 2019.
​"What'll you have, Normie?" 
"Well, I'm in a gambling mood, Sammy.
I'll take a glass of whatever comes out of that tap."
The Federal Reserve remains as consistent as Norm's order, showing no signs of straying from its accommodative monetary policies in the short term. Fed Chair Jerome Powell attributed a recent rise in inflation to factors that he views as temporary―a statement that eased concerns about a possible Fed policy shift to fight inflation. ​
​“Once the trust goes out of a relationship,
​it’s really no fun lying to them anymore.”

President Biden made his joint address to Congress and tried to be honest. He spent equal time  making promises and discussing how the rich will pay for them.  President Biden pushed for funding to expand broadband, update infrastructure for drinking water and modernize the energy grid as part of a plan he described as the “blue-collar blueprint to build America.”  His blueprint comes with a price, 6 trillion dollars (if you count the 2 trillion dollar Covid bill passed earlier this year).  He plans to pay for this spending by taxing corporations and individuals making over $400,000.   He also intends to tax capital gains above a certain level on death, currently inheritors pay no capital gains on appreciated property when the owner passes.

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

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    Stephen Caruso
    President & Founder

    Laurel Wealth Solutions

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STEPHEN CARUSO
President & Founder

Laurel Wealth Solutions
p. 800.LWS.4579  (800.597.4579)  |  f. 914.517.5107
e. [email protected]

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​31 E. 32nd St., Suite 602
New York, NY 10016
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Forest Hills, NY 11375
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​Watchung, NJ 07069
Belpointe Financial
125 Greenwich Ave
Greenwich, CT 06830
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Licensed Insurance Professional.
Stephen Caruso is an Investment Advisor Representative offering investment advisory services through Belpointe Asset Management, LLC, 125 Greenwich Avenue, Greenwich, CT 06830 (“Belpointe"). Belpointe is an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Belpointe Asset Management offers, or that or its personnel possess a particular level of skill, expertise or training. Insurance products are offered through Belpointe Insurance, LLC. Important disclosures related to Belpointe are available at http://www.belpointe.com. Additional information pertaining to Belpointe’s registration status, its business operations, services and fees and its current written disclosure statement is available on the SEC’s Investment Adviser public website at https://www.adviserinfo.sec.gov/. 
AR-4241  |  18296-2018/12/11
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