MidSouth Week in Review
July 7, 2020

The S&P closed up 0.46% for the day and up 3.7% for the week on a better than expected job report as the unemployment rate fell to 11.1% in June vs. the 12.4% estimate.  The S&P 500 gained nearly 20% in the second quarter giving the index its best quarterly performance since 1998 and the best second quarter since the index’s inception in 1957.  Oil prices rose to its highest level since early March, as higher demand and supply cuts have buoyed prices.  Gold prices posted its largest quarterly gain in 4 years and its highest level since August 2011.  Copper prices have had its best quarter in a decade as resurgence in demand from China and global supply issues as Chile and Peru mines slow production due to coronavirus. 

The market will be closed tomorrow in observance for Independence Day.  Have a great weekend!

From Dan Gager

BuzzBits

July 4 – Three of the first five U.S. presidents, Thomas Jefferson, John Adams and James Monroe, died on July 4.  Jefferson and Adams both died on July 4, 1826, hours apart.  Calvin Coolidge was born on July 4, 1872 – Buzz  https://www.youtube.com/embed/2eBxVxO0nh4

Old Age – “There are three signs of old age.  Loss of memory…..I forgot the other two.” – Red Skelton

Health Savings Accounts – HSAs is a trust created for the purpose of paying “Qualified medical expenses.”  Contributions to the accounts are made on a pre-tax basis.  The money accumulates yearly tax-free and can be withdrawn tax-free to pay for medical expenses, such as doctor visits, prescriptions and long-term care premiums.  The maximum contribution amounts to $3,550 in 2020 for individuals and $7,100 for families – Lisa Adams, Kraft CPA’s

Sharing – Because of the one-child policy, enforced from 1980 to 2016, China now has 34 million more males than females.  In response to the problem, Fudan University professor Yew-Kwang Ng lamented that “men’s physical and psychological needs are not being met,” and proposed wife-sharing as a resolution to the problem – CaixinGlobal.com

Retirees – A government study found that 49% of retirees run out of money to maintain their lifestyles within five years.  For the rest, spending in retirement fell by an average of 28% due to an inability to meet expenses – THE WEEK

Since 1990 – GM truck customers have called 1-800-GMC-TRUCK for roadside assistance.  However, if you omit the “C” and dial 800-GMTRUCK you hear a sexy voice on the other end saying, “Hi baby, you just connected with the hottest girls and we’re ready to satisfy your every desire.”  GM officials are not amused.

Exercise and Money – According to a study of over 12,000 published in the Journal of Labor Research, people who engage in regular exercise (defined as 3x per week for at least 20 minutes) earn between six and 10% more money than those who don’t – INC.

Recent College Grads – A 2019 survey found that half plan to move back with their parents.  A June 2020 poll found that 66% of employers plan to start new hires remotely.  Two-thirds of the class of 2018 had student debt, averaging $29,200.  However, most student loans today come with a six-month grace period – Nerd Wallet

State Taxes – The most friendly include:  TN, FL, AZ, NV, WA, WY, ND, SD and NH.  The least friendly include: IL, WI, IA, NE, KS, NJ, CT, NY and PA - The Kiplinger Letter

Pickleball – is a paddle sport invented in 1965 by a Washington State congressman and two friends.  The sport was created for all ages and skill levels and the game is easy to learn for beginners.  The fast growing sport now has more than 3.3 million players – New York Times

Six Month Changes –A 19 million decline in payroll jobs in May vs. December 2019 · 140,000 business listed on Yelp that closed after March 1 remained closed as of June 15 · 48% increase in U.S. filings for Chapter 11 corporate bankruptcy protection last month vs. May 2009  – Wall Street Journal

New York City Police Defunding – For the 10-day period ending last Saturday, there were 112 victims in 83 shootings vs. only 391 victims and 522 shootings for the period from the beginning of the year, amid calls to defund the NYC police department ahead of the June 30 deadline for the city budget.  The NYC police plan on striking July 4^th – 1010 Wins Newsroom ….. On Monday, NYC officials agreed to an on austerity budget that includes drastic cuts to city services and a $1 billion shift of resources out of the New York Police Department – New York Times

buzz@msifund.com

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