Broker Check

The Weekly Wealth Report

April 12, 2021

The Week on Wall Street

Strong economic data and a resurgent technology sector propelled stocks to solid gains last week.

The Dow Jones Industrial Average advanced 1.95%, while the S&P 500 picked up 2.71%. The tech-heavy Nasdaq Composite index gained 3.12%. The MSCI EAFE index, which tracks developed overseas stock markets, gained 1.96%.


Each year on the third Thursday in April, we observe National High Five Day.

Folklore fills the hallowed halls of sports stadiums concerning the origins of the high five. From the basketball to the volleyball court and baseball stadium, the sports metaphor has been well worn on this topic.

The two most well-known claims take place in less than a two-year time span.

During the last 1977 regular season Dodgers’ game, Dusty Baker hit the home run that made the team the first in history to have four players with at least 30 regular-season home runs each. As Baker rounded third and headed home, Glenn Burke waited at home plate to congratulate him. In a moment that is Dodgers history but never televised, Burke greeted his teammate by raising his hand, and they slapped hands in a victorious high five.

On the Louisville Cardinals basketball court during the 1978-79 season, the team switched up their regular low-fives thanks to Wiley Brown and Derek Smith.


In 2002, college students at the University of Virginia, Conor Lastowka (San Diego, CA), Sam Miotke (Corvallis, OR) and Wynn Walent (New York, NY) together created National High Five Day.


Technology Leads

A blow-out jobs report and an all-time high in the ISM-Services Index, coupled with the continued rebound in technology stocks, powered the Dow Industrials and S&P 500 to record highs to open a new week of trading.

After taking a breather mid-week, stocks resumed their climb amid lower bond yields, widening momentum in vaccination efforts, and falling concerns over corporate tax rate hikes. As bond yields settled lower, technology shares rallied, lifting the S&P 500 to another record high on Thursday, its 19th closing record high this year.

Despite a surge in March producer prices, stocks added to their gains to close out a strong week of performance.

Two Steps Forward, One Step Back

The labor market has been perhaps one of the more tenuous ingredients in the budding economic recovery, though recent employment data may suggest the labor market recovery is gathering steam.

March’s employment report exceeded all expectations, posting an increase of 916,000 in nonfarm payrolls, with upward revisions of 156,000 jobs to the January and February increases. Later, the JOLTS (Job Openings and Labor Turnover Survey) report saw a jump in job openings at a level not seen in two years. The weekly new jobless claims report, however, was mixed, as jobless claims came in higher than estimated, while continuing claims fell below the level seen just prior to the wave of pandemic-induced layoffs in late March 2020.


While creating an estate plan is a common part of a financial plan, creating a family legacy is equally as important when thinking about how you want the wealth you’ve built to be distributed. In addition to including your family in financial discussions early on, you can also discuss what’s important as a family, such as traditions, memories, goals, and dreams.

Here are a few things to think about when it comes to creating a family legacy and developing a plan that’s less about assets and more about life:

Focus on values. You can leave a legacy that underscores your values and reinforces what is important to you for decades to come. What is most significant to you and your family? Education? Philanthropy? Entrepreneurship? Make your values a reality through various avenues, including direct contributions, conditional or structured payouts, and more.

Nurture your family’s true assets. Strengthen family unity and promote achievement through your legacy. Whether that’s support for a family member raising young children, starting a business, or engaging in any other endeavor, your estate can support their efforts.

Structure inheritances appropriately. Make distribution decisions that promote self-sufficiency and support goals over emotional needs. Doing so can add to the longevity of your family’s assets. Consider the age and emotional maturity of your heirs. Are they ready to properly manage the amount of money they will inherit? Will a large windfall do them more harm than good? Be sure to also consider non-financial inheritances as well such as sentimental items and important family heirlooms.

The only one who can determine the type of legacy that’s important for your family is you. We hope these tips can help you create a family legacy outside of the financial aspect. We’re always here to help if you need it.

As always, please let us know if there is anything we can help with along the way or any financial concerns you may have.

Have a great week!