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The Markets
The stock market managed to hold on to slight gains
last week. The average stock index is closed out the first
half of the year higher with the Dow Jones Industrial Average
up 7.6% since January
1st.
With the constant barrage of news about subprime mortgage
problems, rising interest rates, stubbornly high oil prices
and the drumbeat of
economic statistics that paint a rosy picture one day and
gloom the next, it’s somewhat surprising that the stock market
has done so well.
- Last week the Commerce Department reported
that first quarter GDP rose at a 0.7% real annual pace,
the slowest in four years.
- Federal reserve said last week
that it remained concerned about inflation, and kept
its benchmark interest rate at 5.25% for the 8th straight
meeting.
- Shares of several financial companies ended the
week lower after Bear Stearns companies stepped in to salvage
two of it's troubled
hedge funds.
**Many of major securities exchanges will be closing
early on July 3, in early observance of the Independence Day
holiday. All of the financial markets will be closed in
observance of
Independence Day on July 4.**
| Returns through 06/29/07 |
1-Week |
Y-T-D |
1-Year |
3-Year |
5-Year |
10-Year |
| Dow Jones Industrials |
0.4 |
7.6 |
20.3 |
8.8 |
7.7 |
5.7 |
| Nasdaq Composite |
0.6 |
7.8 |
19.9 |
8.6 |
12.2 |
6.1 |
| Standard & Poor's 500 |
0.1 |
6.0 |
18.4 |
9.8 |
8.7 |
5.4 |
Source: Yahoo! Finance, Barrons
Past performance is no guarantee of future results. Indices
are unmanaged and cannot be invested into directly. Three-,
5-, and 10-year returns are annualized. Assumes dividends
are not reinvested.
Celebrating America’s Independence
 On July 3, 1776, John
Adams wrote to his wife Abigail to tell her how important
the events of the previous day had
been. He opined that:
The second day of July, 1776, will
be the most memorable epoch in the history of America.
I
am apt to believe that
it will be celebrated by succeeding generations… It
ought to be solemnized with pomp and parade, with shows,
games, sports, guns, bells, bonfires, and illuminations,
from one end of this continent to the other, from this
time forward for evermore.
Yes,
that reads July 2. The Second Continental Congress declared
the independence of the Thirteen Colonies
from Great
Britain on July 2, 1776 by passing Lee’s Resolution.
So
what happened on July 4, 1776? That’s the day the
Second Continental Congress formally adopted the Declaration
of Independence—a greatly expanded version of the
resolution. It was the verbal declaration that took place
on July 2 that
was thought to be the more memorable occasion at the time,
rather than the signing of the document. In fact, members
of congress who weren’t present on July 4 were still
stopping in to sign the document months later.
Married couples
disagree on retirement issues.
Maybe you’ve seen the commercial. A couple’s
smiles fill the screen. The announcer asks the man, “What
will you do in retirement?” As he answers, “Putter
around the house,” the camera pans to his wife who,
stunned, sputters, “Maybe I’m not ready for retirement.” In
fact, a recent Fidelity Investments study of married couples
found more than 30 percent of husbands and wives
gave completely different answers when asked what age they
will retire, their expected lifestyle in retirement, and
whether they intend to work in retirement. Not surprisingly,
only 23 percent reported making financial decisions together.
If you fear you may have something in common
with Fidelity’s
group of Baby Boomers and older pre-retirees born between
the years of 1937 and 1964, this is your wake up call to
start talking with your spouse. Retirement disagreements
are difficult, but silence can be dangerous. Remember, the
more you discuss your assets and liabilities and retirement
goals the better prepared you’ll be to make future
financial decisions -- together.
Also, there’s nothing wrong with
a practice run. As you near retirement, why not take a week’s
vacation and live as if you already were retired? We’ll
be interested to hear what you learn and, of course, we’re
always happy to discuss your retirement expectations.
Oooh! Aaah! It’s the Fourth of
July.
No doubt the most important holiday for Americans during
the month of July is Independence Day. We salute our Founding
Fathers with this trivia about the holiday.
1. On what day did
the Second Continental Congress declare the independence
of the Thirteen Colonies from Great Britain
by passing Lee’s Resolution?
a. July 1
b. July 2
c. July 3
d. July 4
2. What position did John Hancock—the revolutionary
who boldly signed the declaration in large letters—hold
in the Second Continental Congress?
a. President
b. Treasurer
c. Representative from Massachusetts
d. Representative from Connecticut
3. Three men who served
as President of the United States have died on the fourth
of July. Who were they?
a. Thomas Jefferson
b. John Adams
c. James Monroe
d. George Washington
e. Ronald Reagan
Click here for the answers.
Best Regards,
P.S. Please feel free to forward
this newsletter to family, friends, or colleagues.
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