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Weekly Economic Update: April 1, 2024

Stocks Stocks were narrowly higher for the week as investors digested mixed economic news about consumer confidence. All three of the major averages posted gains for Q1 2024.

Stocks Finish Strong
Markets slipped for the first half of the four-day week as investors took a breather after the prior week's gain. Conflicting economic news on Monday and Tuesday contributed to the slide. New home sales in February slipped 0.3 percent over the prior month but increased by 5.9 percent from the prior year. Durable goods orders—everything from washing machines to helicopters—rebounded 1.4 percent in February, beating expectations and recouping some of January’s 6.9 percent drop.

Stocks rallied on Wednesday, including a fresh record close for the Standard & Poor’s 500. An upward revision to consumer sentiment on Thursday helped the rally along. The markets are closed on Friday when the much-anticipated inflation report called the Personal Consumption and Expenditures (PCE) is released, which could set up a volatile Monday.

Procrastinate No More: Why an Updated Estate Plan is Crucial  

Let’s talk about the elephant in the room: estate planning. It’s not exactly everyone’s favorite topic, but it’s crucial. Without an updated will and estate plan, your loved ones could face unnecessary stress and uncertainty in the event of your passing. Don’t leave them guessing – ensure your wishes are crystal clear. 

A study by Caring.com reveals 68% of Americans do not have a valid will, and many in this group haven’t even started on their estate plan or considered their legacy. For others, it’s the outdated wills that are the issue. They haven’t been updated to reflect life’s changes: births, deaths, divorces, new relationships, business ventures, property sales, and income shifts. 

It’s estimated that a staggering $72 trillion is on the verge of being passed down from baby boomers to their children creating “The Great Wealth Transfer.” This massive shift underscores the significance of careful financial planning for both benefactors and inheritors alike.

It’s no surprise that procrastination is a top reason many individuals don’t have a will or estate plan. Most of us think there will be ample time to address it in the future.  Other reasons for delay include:

Uncomfortable Topics: Discussions about mortality, incapacity, and family conflicts can be emotionally challenging, leading some to avoid estate planning conversations. 

Financial Concerns: Some people fear the cost of estate planning, while others prioritize immediate financial needs over long-term planning efforts. 

Over-reliance on Joint Ownership: Some people believe that joint ownership or beneficiary designations are sufficient to...

Parting Shot

Longs Peak from the Rocky Mountain Arsenal Wildlife Refuge in Commerce City, CO

Photo at top:  Moon over Grand Junction by Jennifer Nickell

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Capstone Investment Financial Group, LLC

Colorado Springs/Denver

719-477-9883

info@capstoneinvest.com