THE WEEK ON WALL STREET
Stocks rose over the short trading week on fresh hopes for a quick end to the Middle East conflict, while March job growth was unexpectedly strong.
The S&P 500 Index picked up 3.36 percent, while the Nasdaq Composite Index gained 4.44 percent. The Dow Jones Industrial Average added 2.96 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, advanced 2.59 percent over the four trading days through last Thursday.
FACT OF THE WEEK
On April 8, 1983, Magician David Copperfield pulls off one of his most audacious illusions: making the Statue of Liberty "disappear" in front of a live audience on Liberty Island.
MARKET MINUTE
Stocks Rebound
Stocks were under pressure to start the week. Investors looked past comments from Fed Chair Powell that inflation expectations "appear to be well anchored beyond the short term" despite concerns over the Middle East conflict's potential inflationary effects.
However, sentiment shifted on Tuesday with stocks closing out Q1 on a high note, reflecting renewed investor hope for an end to the conflict. The S&P 500 posted its best day since May of last year.
Momentum continued into Wednesday, with comments from the White House that gave investors more confidence that a resolution was coming. A stronger-than-expected retail sales report also buoyed enthusiasm.
Stocks dipped but then rallied on Thursday, ending the session with a slight gain and helping stock prices break a 5-week losing streak.
Jobs Update
U.S. stock markets were closed on Friday, but investors were on the lookout for the March jobs report.
Employers added 178,000 jobs in March, an unexpected increase that marked the best month in over a year. Economists expected a gain of 59,000 jobs. Unemployment fell to 4.3 percent from 4.4 percent in February.
FINANCIAL STRATEGY OF THE WEEK
Caring for Aging Parents
Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over the age of 65 is growing. In the past decade, the population of Americans aged 65 and older has grown 38%. As our nation ages, many Americans are turning their attention to caring for aging parents.
For many people, one of the most difficult conversations to have involves talking with an aging parent about extended medical care. The shifting of roles can be challenging, and emotions often prevent important information from being exchanged and critical decisions from being made.
When talking to a parent about future care, it’s best to have a strategy for structuring the conversation. Here are some key concepts to consider.
Cover the Basics
Knowing in advance what information you need to find out may help keep the conversation on track. Here is a checklist that can be a good starting point:
- Primary physician
- Specialists
- Medications and supplements
- Allergies to medication
It is also important to know the location of medical and estate management paperwork, including:
- Medicare card
- Insurance information
- Durable power of attorney for healthcare
- Will, living will, trusts, and other documents
Be Thorough
Remember that if you can collect all the critical information, you may be able to save your family time and avoid future emotional discussions. While checklists and scripts may help prepare you, remember that this conversation could signal a major change in your parents’ lives. The transition from provider to dependent can be difficult for any parent and has the potential to unearth old issues. Be prepared for emotions and the unexpected. Be kind, but do your best to get all the information you need.
Keep the Lines of Communication Open
This conversation is probably not the only one you will have with your parent about their future healthcare needs. It may be the beginning of an ongoing dialogue. Consider involving other siblings in the discussions. Often, one sibling takes a lead role when caring for parents, but all family members should be honest about their feelings, situations, and needs.
Don't Procrastinate
The earlier you begin communicating about important issues, the more likely you are to have all the information you need when a crisis arises. How will you know when a parent needs your help? Look for indicators such as weight fluctuations, failure to take medication, new health concerns, and diminished social interaction. These can all be warning signs that additional care may soon become necessary. Don’t avoid the topic of care just because you are uncomfortable. Chances are that waiting will only make you more so.
Remember, whatever your relationship with your parent has been, this new phase of life will present challenges for both parties. By treating your parent with love and respect—and taking the necessary steps toward open communication—you will be able to provide the help needed during this new phase of life.