Another week of trade threats and promised retaliation kept investors off stride and markets adrift. The S&P 500 shed 0.9 percent, its first weekly decline in the past five. Trade jitters were even less kind to the Dow Jones Industrial Average, however. Owing to its constituents’ greater exposure to foreign trade, the Dow fell 2.0 percent last week, its third decline in the past four weeks. And only a modest bounce on Friday prevented the Dow from dropping for nine straight days.
While retirees have worked hard to save and invest for their next chapter, new research from Ameriprise Financial finds many of them aren’t tapping their nest eggs. The new study, Making Money Last, reveals only 21 percent of retirees feel confident about drawing down their assets.
Despite the distraction of everything except economic fundamentals, U.S. equities managed to deliver another week of higher prices, but only by the slimmest of margins. The S&P 500 index rose all of 0.02 percent, its fourth straight week of gains, but had to overcome major developments in monetary, trade and foreign policy to do it.
U.S. equities managed to overcome Eurozone political jitters to post a 0.5 percent gain last week. Things began inauspiciously, however, as the S&P 500 fell 1.2 percent on Tuesday in a holiday delayed reaction to the rejection of Italy’s proposed coalition government. But stocks went on to recover, as the newly constituted coalition government proposal was ultimately accepted. Stocks added to their gains on Friday following a better than expected labor report for May.