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Weekly Economic Update: November 13, 2023

A powerful Friday rally left stocks higher last week, extending the market’s early November gains.

The Dow Jones Industrial Average rose 0.65%, while the Standard & Poor’s 500 advanced 1.31%. The Nasdaq Composite index jumped 2.37% higher for the week. The MSCI EAFE index, which tracks developed overseas stock markets, edged 0.25% higher.

Stocks Extend Gains
In a news-light week, stocks added to the gains of the previous week’s rally, helped by stable bond yields. Last week’s advance did not go smoothly, however, as the week’s accumulated gains were erased on Thursday by the combination of a 30-year Treasury bond auction that saw lower-than-expected investor demand, which sent bond yields sharply higher, and disconcerting remarks by Powell that disappointed investors harboring hopes for the conclusion of the Fed’s rate-hike cycle.

TikTok's Aging Filter Could Help Spur Retirement Planning

A fun and seemingly frivolous TikTok feature allows users to preview a highly realistic visual representation of their future aged selves. It has also unexpectedly sparked a crucial conversation about retirement planning. Read the article via Kiplinger.

Your Expenses May Be Eligible For Itemized Deductions

If you have big plans to sell or buy a home, donate some old items, or hit the casino, you may itemize some of these activities as deductions. Here are some examples:

If you are refinancing your home, you can deduct some of your mortgage interest. There are some limits to these deductions, though. The IRS limits the deduction to interest paid on a loan secured by the taxpayer’s primary or secondary home. When refinancing, you must use the loan to buy, build, or substantially improve your primary or secondary home.

If you buy a new home, you can deduct mortgage insurance if you pay $750,000 in qualifying debt for a first and second home or $375,000 when married filing separately.

Now is a great time to go through your things and donate old clothes, furniture, or home goods you no longer need. Even better, these donations may qualify for a tax deduction if you itemize the deductions and show proof of the donations.

In addition to donating items, you can deduct mileage on your vehicle for services done for a qualified charity.

Lastly, you can itemize and deduct gambling losses up to the amount of gambling winnings.

Join us for the 

Capstone Holiday Party!

December 7, 2023, 6pm

Capstone Office, 615 N Nevada Ave., Colo Springs

Heavy Hors d'oeuvres, Drinks, and a Special

Wine Tasting. 

PARTING SHOT 

The rare double moon seen in Colorado

Photo by Tony Hake

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Capstone Investment Financial Group, LLC

Colorado Springs/Denver

719-477-9883

info@capstoneinvest.com