THE WEEK ON WALL STREET
Stocks pushed higher over the holiday week as investors' hopes for a Fed rate adjustment drove bullish sentiment. The S&P 500 Index rose 3.73 percent, while the Nasdaq Composite Index rallied 4.91 percent. The Dow Jones Industrial Average advanced 3.18 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 3.15 percent.
FACT OF THE WEEK
On December 1, 1948, James Brunot of Newtown copyrighted the famous spelling game Scrabble. Designed in 1931 by architect Alfred Mosher Butts under the name Lexico, the original game was played without a board and players earned points based on the length of the words formed.
MARKET MINUTE
AI Powered
A rebound rally began on Monday as the artificial intelligence (AI) business strategy of one of the largest megacap tech stocks reignited positive sentiment in the AI trade. The enthusiasm broadened out to a number of AI-related names, lifting the S&P 500 by 1.5 percent and the Nasdaq by 2.7 percent—its biggest one-day gain in more than six months.
Stocks rose again on Tuesday and Wednesday—the third and fourth consecutive trading days of gains, respectively, for all three major averages.
Overall bullish holiday sentiment, positive news on a handful of AI-related megacap tech names, and continued investor optimism for the Fed to adjust rates at its next meeting powered the advances.
Markets continued their rise after the Thanksgiving holiday, with stocks rounding out the shortened trading session with a fifth consecutive day of gains.
Keeping Score on the Consumer
As we move full steam ahead into the holiday shopping season, investors are closely watching consumer data.
The fresh consumer spending data released last week was the first update. The delayed report showed the pace of retail sales in September cooled slightly over the prior month, just shy of expectations.
Next up was the Conference Board’s November survey, which showed that consumer confidence dropped to 88.7 from 99.5 in October.
Investors may be anxiously awaiting the October retail sales report and closely monitoring other consumer data points for clues about the future direction of the economy.
FINANCIAL STRATEGY OF THE WEEK
We don’t always hear about it in the news, but identity theft is on the rise. Our constant internet usage has given us a large digital footprint. And the more you’re online, the greater your risk of criminals hijacking your information and using it to commit fraud.
It’s nearly impossible to go completely off the grid once you’re on it, but there are steps you can take to minimize your risk. And understanding where your personal data might be living is a great place to start.
Here are six different ways that personal information shared online can end up in the wrong hands:
- Retail and social media websites
- Data collection websites that store your information (White Pages, PeopleFinder)
- Old website pages you appear on (such as forums or blogs)
- Personal information on websites (old addresses, contact information)
- Outdated search results where you may still appear (such as former employer pages)
- Any old, outdated, or non-secure email addresses
Don’t forget, everybody in your household is at risk for identity fraud. So, every family member should take the same precautions to secure their personal information. Let's connect if you have any questions about where to begin.