In 2020 our lives and lifestyles changed, where working from home, distance learning, and virtual Wescom Financial Services (WFS) consultations became our “new normal.” As with almost every aspect of 2020, the COVID-19 pandemic impacted the stock market throughout the year.
Investors began hearing of the possible spread of the virus in January, creating uncertainty and trepidation. By the end of February, investors sold more equities than they purchased, driving values down. By the end of March, the spread of COVID-19 throughout much of the world and within the United States prompted a major market sell-off. The first quarter saw each of the benchmark indexes fall far below its 2019 closing value. Fiscal stimulus measures in April, coupled with value buying, drove stocks to their best month since 1987. The possibility of a COVID-19 vaccine, a brief slowdown in the number of reported virus cases, and the onset of the summer season provided enough encouragement for investors to stay in the market. Throughout the rest of the year, despite a resurgence in the number of reported COVID-19 cases and deaths, a historic number of unemployment claims, delays in the long-awaited vaccine, and additional stimulus, investors saw hope that the economy would turn the corner and that the virus would be contained. Those factors, coupled with the low interest-rate environment, made stocks a viable option. Take a look at the chart above to see the year-over-year market and index changes. The year 2021 should bring continued economic recovery. As the United States and the world inch slowly toward normalcy following the battle against the COVID-19 pandemic, stock markets, employment, and production should also advance.
Although times may still be uncertain, you can continue to depend on Wescom Financial Services (WFS) for your financial needs.
“Whether we’re helping guide you through todays challenges or navigate the future, we are here to support you,” said Jonathon Allen, President of Wescom Financial Services. “I can’t think of a better time to meet with one of our Financial Advisors to discuss your specific needs.”
WFS continues to offer in-branch no-obligation, complimentary financial consultations while following all safety precautions. Whether you prefer to set up a phone call or meet with us through a video web conference, our Financial Advisors are available and remain dedicated to delivering the same level of personalized service, individualized with your goals in mind. To schedule your financial review or consultation, click here or call us at 1-888-879-0558 ext. 5104.
Investment products and services offered through Wescom Financial Services, LLC (WFS), a Registered SEC Investment Advisor, broker-dealer, and a wholly owned subsidiary of Wescom Credit Union. Registered Representatives are employed by and registered through WFS (Member FINRA/SIPC).
Investments are not NCUA/NCUSIF insured, not Credit Union guaranteed, and may lose value. Wescom Financial Services CA Insurance License #0E36340.
