Equity markets moved slightly lower this week. Although the S&P 500Index (S&P 500) lost only 41 basis points (bps), there was significant intraday volatility and the VIX spent most of the week above 40.
Although there was not a lot of action last week, it did close out one of the worst quarters for equities, as the S&P 500 lost 14.3 percent. Read more now.
Last week’s Federal Open Market Committee announcement that it would use the ‘twist’ approach by selling short-term Treasuries (duration of 3 years or less) and purchasing long-term Treasuries (duration of 6 years to 30 years) had an immediate impact on the yield curve.
The 10-year shot down to new record lows—below 1.76 percent—and the 30-year, which had the largest move, stood at about 2.87 percent, down from 3.15 percent a day earlier.
The Federal Reserve may implement a “twist” strategy, selling short-term securities that make up the majority of its balance sheet and purchasing longer-dated securities, in an attempt to lower longer-dated rates. The move could be made public at this week’s Fed meetings.
Anticipation of some sort of action from the Fed sent equity prices higher last week. The S&P 500 gained 5.4 percent.
Read more now.
Downtown Rockland will be under construction for the next eight weeks or so … and this will impact parking and traffic patterns downtown. In particular,School Street, location of our Rockland office, will see traffic moving in the opposite direction of usual when Limerock Street is closed. Parking downtown may also be challenging.
We want everyone to know that ourRockland office will remain open as usual – 8 a.m. to 4:30 p.m., Monday through Friday – during construction.
If you need to do business with us (make a payment or meet with an insurance specialist), but feel the traffic or parking is too challenging, please don’t hesitate to call our office to make other arrangements. We will be glad to help you any way we can.
For more information about the Rockland Big Dig Sewer Project, visit the city’s website: http://www.ci.rockland.me.us/
Please call us at 800-439-4311.
The Rockland Public Library Endowment Association is celebrating its 10th anniversary this year and continues to raise money in the community for the library endowment to help continue to share the library’s creativeness and usefulness with the public. In this photo, Joanne Billington, the business insurance specialist from Allen Insurance and Financial who works with the library, is presenting a donation to the endowment to Paul Spizzuoco, president of the Rockland Public Library Endowment Association.
Equity markets slipped lower during the holiday-shortened week. The S&P 500 Index lost 1.65 percent.
President Obama’s speech last Thursday night—which outlined a new jobs package intended to help stimulate hiring—did little to inspire equity markets. Doubts immediately surfaced about the temporary nature of many of the programs presented, as well. Read more now.
Equity markets ended very close to where they started, and the benchmark S&P 500 Index (S&P 500) lost 18 basis points. But the market took a circuitous route to get there, as the small change was not as straightforward as it would have first appeared, with volatility spiking again late in the week on the jobs report.
The disappointing employment report showed that the U.S. economy had added net-zero jobs in August. This sent equity markets tumbling and reversed several days of solid gains. Read more now.
Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole, Wyoming, last week was largely a nonevent, as he provided no new information or outlook. Read more now in our Weekly Market Summary.
Stephanie Griffin
Allen Insurance and Financial is pleased to announce that Stephanie Griffin has passed the Maine State Property & Casualty Producer licensing exam.
Griffin, of Camden, joined Allen Insurance and Financial in late 2010 as a receptionist in the company’s Camden office.
A native of Appleton, Griffin is attending the University of Maine in Augusta, working toward a bachelor’s degree in public administration. She has already earned a certificate in human resource management from UMA.
Griffin, who had not worked in insurance prior to joining Allen Insurance and Financial, participated in the company’s in-house education program, where employees who want to become licensed insurance producers in Maine attend class for four hours each week, then study and prepare for the state licensing exam on their own time.
Protecting boaters and their vessels, whether they are 20 or 200 feet in length, requires experience, industry knowledge and a degree of creativity. Read this special — and useful — PDF.