James E. Mayer Jr.:
As fall is upon us, a very different fall from any previous year, I'd like to share some thoughts on the markets and what's in store for the remainder of 2020.
I'd like to start, though, by wishing all of my friends and clients a healthy and safe fall and holiday season. So we move out of summer and into back to school and fall festival mode, many of us are feeling the disruption. School is different. Events are being canceled or altered to satisfy social distancing needs. And a lot of uncertainty surrounds so many things that used to be certainties in years past. Homecoming dances, the Great Jamboree, Halloween activities with your kids, Big 10 football on Saturdays and many more things are likely to be different. It can feel unsettling to miss out on routines that bring us comfort and remind us of happy memories. So it's important that we find ways to stay connected. Create wonderful memories, no matter what's going on in the world. I hope all of you are healthy, safe, finding ways to celebrate the change of seasons with the people you love.
Now, I'd like to share some insights on the current markets and things to watch for the rest of the year. Although in many ways this has been a very unusual year, the quick rebound in the stock market is consistent with one historical pattern. According to Fidelity Management and Research, the final year of a Presidential term has historically been the best time to own stocks. While the S&P 500 is only up about 7.5% for the year, as of this filming, that figure may seem like a miracle in light of everything that has happened this year.
From now until election day, it's safe to assume that two things will dominate the national conversations, coverage of the upcoming election and the coronavirus. It's important for investors, however, that the US companies will begin reporting results for the third quarter in mid-October. That should give us all a much clearer indication of just how much the US economy has rebounded since reopening began. And given the progress of COVID-19 related vaccines as of late, with more than 30 vaccines currently going through human clinical trials, we're hopeful that we'll be soon rebounding as a society as well.
Our office remains closed to visitors, and our staff is rotating. We're still wanna talk to you via phone appointment or a video conference. If you have concerns or just want to review your portfolio and allocation, please feel free to schedule a time to talk to us that's convenient for you. Stay healthy, stay safe, stay happy, and hopefully, we will see you soon.