Market Update (Article)

Market Update for July 10, 2020

US and world stock markets have been moving steadily higher of late, powered by growing confidence the global economic lock down is closer to ending and an unprecedented amount of monetary and fiscal stimulus by the US and other world governments. Today, Gilead Sciences released results showing its antiviral drug, Remdesivir, “reduced the risk of death for severely sick coronavirus patients by 62% compared with standard care alone.” This news comes at a good time as accelerated testing has confirmed cases of COVID-19 rising sharply.* We remain optimistic about the world’s healthcare experts’ ability to combat COVID-19 and recommend long-term retirement investors stick with their investment strategy. Nobody ever said investing in the stock market was easy, and it’s times like these we need to have the resolve to stick to our long-term strategy of owning a diversified portfolio and periodically rebalancing. Confirmed cases of COVID-19 remain less than 1% of the U.S. population.*

Sources: https://www.cnbc.com/2020/07/10/gilead-says-remdesivir-coronavirus-treatment-reduces-risk-of-death.html, https://www.bls.gov/, https://coronavirus.jhu.edu/map.html

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MoneyAdvice@Work^® is an employer-sponsored financial wellness benefit designed to connect employees to financial professionals who educate, advise, and coach without the sales pitch. Learn more about our service offering here. The summary/prices/quotes/statistics contained herein have been obtained from sources believed reliable but are not necessarily complete and cannot be guaranteed.  Past performance results are not necessarily indicative of future results. MoneyAdvice@Work^® is offered through Francis Investment Counsel, a Registered Investment Adviser with the SEC. Francis Investment Counsel does not provide tax or legal advice.