Noisy News
By PDS Wealth Management on October 18, 2022
Consider several recent headlines from the Wall Street Journal:
September 30 “Stocks Close Out Losing Week, Month and Quarter”
October 3 “Stocks Rally to Start New Quarter”
October 7 “Stocks Tumble After Jobs Data”
October 13 “Stocks Rally Despite Inflation Data”
October 14 “US Stocks Close Lower on Bank Earnings”
October 18 “US Stocks Jump”
Over dinner celebrating my 70th birthday this past weekend, a contemporary of mine remembered the “Good Old Days”:
“I wish we could just have 30 minutes of news each day and get rid of all this other stuff.”
On October 17, Brian Moynihan, CEO of Bank of America, celebrated employment milestones of members of the bank’s staff who had served the company for 50, 55 and even 75 years. One of the employees told Mr. Moynihan that the Dow Jones Industrial Average stood at 500 when he started.
Said Mr. Moynihan, who has led Merrill Lynch since 2008 and Bank of America since 2010: “The idea is for people to invest over time. You’ve gotta keep saving your money and invest for the future.”
A nonpartisan research company estimates that candidates for political offices will have spent $9.7 billion dollars on advertising by election day, resulting primarily in anxiety and confusion.
During this period, don’t forget that your TV’s remote control has a “Power Off” button. We urge you to use it.
Tom Parker, CFP®
Managing Director