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President Trump announced the shelving of negotiations for another stimulus package until after the election yesterday. Markets reacted swiftly by swinging 600 points to close the day after news broke. Fiduciary financial planning advisor Thomas Reilly of Strategic Wealth Designers joined KDVR in the Morning to talk about what this means for Americans and the stock market ahead. He says it’s par for the course in the continued chaotic year known as 2020.
“We saw a big swing after the President announced a stimulus package was off the table for at least another month based on the election timeline,” Reilly said. “Fed Chair Powell came out and said the stimulus would likely do more good than harm. He wasn’t concerned about it going overboard because the economy has a long way to go. I keep saying it but if your assets are drowning in the rough waters of the stock market you need to look to add some safer investment options to your retirement portfolio.”
Positioning retirement assets in a manner that hedges against the continued volatility can bring a peace of mind to viewers portfolios. Reilly says it’s hard to predict when a ‘normal’ stock market will return. He says not to expect it to get back to ‘normal’ before the coronavirus pandemic has subsided.
“We are dealing with multiple unprecedented things at one time. Normally in an election year, who is going to win is all the buzz, this year, for much of the year the election has taken a back seat,” Reilly says. “Investors should not try to day trade ever, especially in a market like this. Time in the market is always better than timing the market.”