The performance divergence between the major equity market indexes during the stock market’s recovery has continued. The discrepancy between many indexes is at levels we have not seen in many decades. For example, the Dow Jones Industrial Average is down roughly 10% from the beginning of the year, yet the tech-laden Nasdaq Composite has rallied almost 12%. Large-cap stocks have decisively outperformed small-cap stocks with a performance differential of 10.7% on a year-to-date basis and 12.8% over the last 12 months. The divergence between growth and value has been even more staggering as large-cap growth stocks (Russell 1000 Growth) have outpaced large-cap value (Russell 1000 Value) by more than 24% in 2020. We have highlighted market divergences in the past as they are often reconciled in a market downdraft causing a change in market leadership. Many strategists consider significant market divergences as a warning sign for volatility ahead.
banks push the envelope in covid-19 climate
At Peapack Gladstone Bank, Doug Kennedy, president and CEO, says the pandemic is an event “none of us have experienced in our lifetime … and it has probably hit the metropolitan area, including all of New Jersey, the hardest. All of this, with social distancing, had essentially shut down the economy. And the impact has been disproportionate,” he says, explaining the more fortunate can keep their jobs and work from home via their computers, but people with lower skilled jobs and those living in densely populated cities are adversely impacted.
“These are the ones who are most vulnerable and exposed,” Kennedy says, and Peapack Gladstone Bank has dedicated staff members in place who are constantly calling and staying in contact with some 200 nonprofit organizations to make sure these people “do not fall through the cracks.”
can i get unemployment if i'm already getting social security?
If you’re getting Social Security but still working a full-time job and you get laid off because of the Coronavirus, can you collect unemployment? Facing new challenges? There are many individuals who are receiving Social Security benefits but continue to work to supplement their income or to stay active.
The Covid-19 crisis resulted in a dramatic increase in unemployment applications, and this has caused many mature workers to question their eligibility to collect both benefits, said Jodi Cirignano, a certified financial planner and certified public accountant with Lassus Wherley, a subsidiary of Peapack-Gladstone Bank, in New Providence.
here are some money moves you should make now that we're officially in a recession
Take a look at what you’re really spending, said certified financial planner Diahann Lassus, president and chief investment officer at Lassus Wherley, a subsidiary of Peapack-Gladstone Bank in New Providence, New Jersey. If your credit card bills are out of control, it’s time to rein in that spending and curb unnecessary discretionary expenses where you can, she said.
Also, take stock of where you are with your cash flow. If your job feels shaky, now is the time to refresh your resume before a job loss.“Don’t wait until it happens,” Lassus said. “Think about what you would do.”