- Global markets were positive across the board in the holiday-shortened week. We saw global markets (represented by the MSCI All Country World Index) up 1.9% and domestic stocks (represented by the S&P 500 Index) up 2.3%.
- In economic news, it was reported that consumer spending rose at a slowing rate last month. For November, consumer spending rose 0.6% after a rise of 1.4% in October. This area has been a topic of conversation over the last several weeks, as many economists attribute this to early holiday purchases due to concerns over supply chains.
- The current administration’s hopes of passing the Build Back Better proposal before year end appear to have faded. With disagreement within the Democratic party, leaders will need to reconvene next year to negotiate a revised plan.
- In COVID-19 news, there was some positive information released throughout last week. First, there is growing evidence that the omicron strain mostly results in mild symptoms. Additionally, the FDA granted emergency use authorization for two treatment pills, one from each of Pfizer and Merck.
- In their revised estimate, the Commerce Department announced Wednesday that U.S. GDP growth actually rose at a 2.3% annual rate rather than the previously announced 2.1% rate.
- With this being the final weekly commentary of the year, I just wanted to take a moment and thank all of our clients for a great 2021. We appreciate all of the trust that you put in the Diversified team. Lastly, keep an eye out for something a little different next Monday. Instead of our normal weekly commentary, we’re going to be releasing an annual update from the Investment Committee. We hope you enjoy it.
- I’d like to leave you with the final line we’ve used since we started these commentaries back at the very height of market volatility in March 2020. Always remember that we create financial/investment plans not for the easy times, but to prepare for the tough ones.
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