THE WEEK ON WALL STREET
Investors endured another volatile, whipsaw week as ongoing trade talks and White House comments about the economy unsettled investors. The S&P 500 Index declined 2.27 percent, while the Nasdaq Composite Index dropped 2.43 percent. The Dow Jones Industrial Average fell 3.07 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, lost 0.95 percent.
FACT OF THE WEEK
Present day Saint Patrick's Day celebrations have been greatly influenced by those that developed among the Irish diaspora, especially in North America. Until the late 20th century, Saint Patrick's Day was often a bigger celebration among the diaspora than it was in Ireland.
Celebrations generally involve public parades and festivals, Irish traditional music sessions (céilithe), and the wearing of green attire or shamrocks.[9] There are also formal gatherings such as banquets and dances, although these were more common in the past. Saint Patrick's Day parades began in North America in the 18th century but did not spread to Ireland until the 20th century. The participants generally include marching bands, the military, fire brigades, cultural organizations, charitable organizations, voluntary associations, youth groups, fraternities, and so on. However, over time, many of the parades have become more akin to a carnival. More effort is made to use the Irish language, especially in Ireland, where 1 March to St Patrick's Day on 17 March is Seachtain na Gaeilge ("Irish language week").
Since 2010, famous landmarks have been lit up in green on Saint Patrick's Day as part of Tourism Ireland's "Global Greening Initiative" or "Going Green for St Patrick's Day". The Sydney Opera House and the Sky Tower in Auckland were the first landmarks to participate and since then over 300 landmarks in fifty countries across the globe have gone green for Saint Patrick's Day.
Christians may also attend church services, and the Lenten restrictions on eating and drinking alcohol are lifted for the day. Perhaps because of this, drinking alcohol – particularly Irish whiskey, beer, or cider – has become an integral part of the celebrations. In Ireland, this relaxation of fasting rules is notably marked by the consumption of stout, a dark ale beer that is a key part of the celebration, with breweries preparing months in advance for the demand. The Saint Patrick's Day custom of "drowning the shamrock" or "wetting the shamrock" was historically popular. At the end of the celebrations, especially in Ireland, a shamrock is put into the bottom of a cup, which is then filled with whiskey, beer, or cider. It is then drunk as a toast to Saint Patrick, Ireland, or those present. The shamrock would either be swallowed with the drink or taken out and tossed over the shoulder for good luck.
MARKET MINUTE
Markets Stem Losses
Stocks opened the week lower as investors reacted to the president’s weekend comments about the economy. Then, U.S. and Canadian leaders traded additional tariff threats, riling up anxious investors.
Stocks rebounded midweek after a cooler-than-expected Consumer Price Index (CPI) report eased growing inflation concerns.
The broad market slide resumed Thursday, but better-than-expected February wholesale inflation data helped buffer losses. The S&P 500 ended Thursday in correction territory—10 percent below its February 19 record close.
Markets pushed higher Friday, clawing back some losses for the week. News of progress in resolving the federal government shutdown soothed investors’ nerves.
Sunny Side ‘Down’
Fewer CPI constituents garner more attention from consumers right now than the price of eggs. Avian bird flu—and the subsequent culling of millions of chickens—was primarily to blame for prices rising 15 percent in January and another 10 percent in February. While recent evidence suggests prices have dropped, the cost of eggs remains a sticky issue—even though prices of many other items have risen just as much, if not more.
So why do consumers appear to be overly uneasy?
One theory is that eggs symbolize something more significant. Not only are eggs a critical, inexpensive source of protein and nutrients for millions of consumers, but they are also a core part of many other foods made at home or mass-produced. For that reason, eggs are a mental proxy for how consumers believe the broader economy is doing.
FINANCIAL STRATEGY OF THE WEEK
Breaking Down the Parts of Medicare
Generally, the different parts of Medicare help cover specific services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the federal government. It is sometimes called Traditional Medicare or Fee-for-Service (FFS) Medicare. Under Original Medicare, the government pays directly for the health care services you receive. You can see any doctor and hospital that takes Medicare (and most do) anywhere in the country.
In Original Medicare:
• You go directly to the doctor or hospital when you need care. You do not need to get prior permission/authorization from Medicare or your primary care doctor.
• You are responsible for a monthly premium for Part B. Some also pay a premium for Part A.
• You typically pay a coinsurance for each service you receive.
• There are limits on the amounts that doctors and hospitals can charge for your care.
• If you want prescription drug coverage with Original Medicare, in most cases you will need to actively choose and join a stand-alone Medicare private drug plan (PDP).
Note: There are a number of government programs that may help reduce your health care and prescription drug costs if you meet the eligibility requirements.
Unless you choose otherwise, you will have Original Medicare. Instead of Original Medicare, you can decide to get your Medicare benefits from a Medicare Advantage Plan, also called Part C or Medicare private health plan. Remember, you still have Medicare if you enroll in a Medicare Advantage Plan. This means that you must still pay your monthly Part B premium (and your Part A premium, if you have one). Each Medicare Advantage Plan must provide all Part A and Part B services covered by Original Medicare, but they can do so with different rules, costs, and restrictions that can affect how and when you receive care.
It is important to understand your Medicare coverage choices and to pick your coverage carefully. How you choose to get your benefits and who you get them from can affect your out-of-pocket costs and where you can get your care. For instance, in Original Medicare, you are covered to go to nearly all doctors and hospitals in the country. On the other hand, Medicare Advantage Plans typically have network restrictions, meaning that you will likely be more limited in your choice of doctors and hospitals. However, Medicare Advantage Plans can also provide additional benefits that Original Medicare does not cover, such as routine vision or dental care.