The American People and Economy Remain Resilient
There is no denying that 2020 has been a crazy year. We've dealt with the coronavirus, an economic shutdown, and a presidential election among other things. In this video, Steve and Austin look at the current state of the economy and share our thoughts looking forward. As always, please click here or give us a call at 615.370.4040 if you have any questions or thoughts.
Joe Biden Wins The Presidential Election
According to all major media outlets, Joe Biden is projected to become the 46th president of the United States. The news came four days after tight races in Nevada, Pennsylvania, Georgia, North Carolina, and Arizona. While there will be recounts and pushback over the outcome, we wanted to go ahead and discuss what a new administration will mean for the economy. Historically, a Democratic administration has slightly outperformed Republican administrations in the stock market. In addition, it appears that the Republican Party will maintain control in the Senate, which will create gridlock in Congress. Due to the stalemate nature of a divided Congress, new policies will have a tougher time becoming laws, which is historically good for investors. If you have any questions regarding the outcome of the election and your money going forward, please give us a call at 615.370.4040.
Pfizer's COVID-19 Vaccine Making Progress
On Monday, pharmaceutical company, Pfizer, announced that its experimental Coronavirus vaccine was found to be 90% effective. The results were based on a study involving 43,538 volunteers, with 42% of the participants having "diverse backgrounds." Each participant received two doses spaced 21 days apart, and the results were compared to a control group receiving an injection of a liquid that didn't contain the vaccine. While the vaccine was effective, it still has many obstacles to clear before it can be offered to the general public.
U.K. Economy Grew 15.5% In The Third Quarter
According to preliminary figures published on Thursday, the United Kingdom's economy grew by 15.5% in the third quarter, making it the largest quarterly expansion since records began in 1955. The strong resurgence comes after a 19.8% pullback in the second quarter. According to the Office for National Statistics, the GDP is still 9.7% below where it was at the end of 2019. The announcement comes on the heals of U.K. Finance Minister Rishi Sunak extending the country's furlough scheme until the end of March.
Apple's "One More Thing"
On Tuesday, Apple released a new line of Mac computers. While Apple adds features to every new model it releases, this version is the first computer in Apple's history to incorporate a self-made chip. The new version ends a 15-year partnership with Intel, who previously provided the chips needed for Apple's computers. Apple spent more than $1 billion in R&D to create the M1 chip. The new MacBook Pro will retail for $1,200, with the Mac Mini going for $699 and the MacBook Air retailing at $999.
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