MICHELLE SMALENBERGER, CFP®
No news is good news? This is a common phrase you may hear or even tell yourself when you “want” to hear it. Today the market ended down slightly. The news of the day to cause this was the hiring of Anthony Scaramucci as President Trump’s new communications director and the resignation of Sean Spicer as White House press secretary.
Without the presence of strong economic data or a longer list of companies reporting good earnings, the negative drama of D.C. won out to cause the market pause. Many were likely selling holdings to take risk out of their portfolios for the weekend with the unknown reaction to today’s announcement aftermath.
News and the constant information we have become accustomed to can make an impact on any given day. It is important to pay attention to longer term trends and economic data to support your investment strategy. Consider this recent statistic from Mashable: President Trump has tweeted 991 times, spent 40 days at Trump golf properties and passed 0 pieces of major legislation.
It is very easy to look at one person, one day or one point in time to gather an opinion and basis for your belief in something that lasts for years. Don’t get caught in the details to miss the bigger picture of strong economic data and strong 2nd quarter earnings or even the potential for big legislative changes that can still happen.
Next week we look forward to many more companies reporting earnings to gain a greater sense of corporate strength. If you need reminded of reasons to stay invested for the long-term, please reach out to us. We’d be happy to continue the conversation!