The COVID-19 pandemic is taking its toll on GDP growth. First quarter GDP contracted at a 4.8% rate, the worst reading since 2008. We expect economic deceleration with second quarter GDP contracting at a 30% annualized rate. While some states have begun to reopen their economies, it is difficult to predict the rate at […]
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The major U.S. equity indices pulled back sharply in March. The Dow Jones Industrial Average fell 13.6%, the S&P 500 was off 12.4%, and the Nasdaq Composite dropped 10.1%. The spread of the coronavirus and the subsequent nationwide shutdown of non-essential businesses fueled the decline. Year-end 2020 and 2021 consensus earnings for the S&P […]
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The longest U.S. economic expansion, which started during July 2009, ended in the month of February as the global viral pandemic forced a nationwide shutdown of businesses and an end to the U.S. expansion. While the Commerce Department’s third revision for Q4 real GDP came in at an annual rate of 2.1% and the […]
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Welch & Forbes is proud to announce that Client Relationship Specialist, Amy Qiu, has received her CTFA (Certified Trust and Financial Advisor) designation. The Certified Trust and Financial Advisor (CTFA) is a professional designation offered by the American Bankers Association (ABA), which provides training and knowledge in fiduciary and trust activities, financial and estate planning, […]
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Welch & Forbes was honored to have supported as an Ally Sponsor the International Institute of New England’s 2020 International Women’s Day Celebration on Friday, March 6. The event honored EY Boston and three woman leaders: Marina Hatsopoulos Bornhorst – A writer and technology entrepreneur, Jackie Glenn – Founder and CEO of Glenn Diversity and HR Solutions, and […]
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Stocks in February experienced an acceleration in volatility as the spread of COVID-19 widened to include all continents except Antarctica. Overall, the S&P 500 returned -9.3%, and the Dow Jones Industrial Average returned -11%. The Nasdaq Composite fared better, losing -7.5% during the month. Each index corrected over 10% from its recent all-time highs […]
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The novel coronavirus – named COVID-19 – dominated the attention of both the media and markets as the month of February unfolded. What is understood to have originated in Wuhan, China in December 2019 had, by the end of February, spread to six continents. How far and wide the virus will spread is still […]
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January was a volatile month of trading, and the market plunged on the last day amid rising fears about the rapid spread of the coronavirus. Overall, the S&P 500 returned -0.04% in January, and the Dow Jones Industrial Average returned -0.89%. The Nasdaq Composite fared better, generating +2.00% during the month. Oil prices fell […]
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The first estimate of fourth quarter real GDP growth was 2.1%, with positive contributions from consumption, government spending, home building, and exports, partly offset by negative contributions from inventories and nonresidential fixed investment. Consumer spending was much lower than in the third quarter, +1.8% vs. +3.2% in Q3. For the full year 2019, the […]
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In stark contrast to the December decline one year ago, the S&P 500 returned 3.02% for the month, closing 2019’s total return up 31.49%. Consumer spending was robust during the Holiday season. MasterCard Spending Pulse, which tracks consumer-spending tendencies, saw an increase of 3.4% from Nov. 1 through Dec. 24th. This is an impressive […]
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