AW Update – Dec 1 – Market Rally, Musk vs Cook, Inherited IRAs
Ankerstar Wealth Stock Market Update

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On December 1, the stock market rallied as news broke about progress on a COVID-19 vaccine and increasing hopes for a stimulus package to be passed by Congress. The Dow Jones Industrial Average closed up 0.6%, while the S&P 500 and Nasdaq Composite both gained 1.1%.

Meanwhile, tech giants Elon Musk and Tim Cook engaged in a public disagreement regarding App Store policies. Musk accused Apple of imposing a “global tax” on the App Store, while Cook defended the policies and pointed to the benefits they provide to developers and users. This dispute highlights the ongoing tensions between tech companies as they compete for market dominance.

Additionally, new rules regarding inherited individual retirement accounts (IRAs) were proposed by the IRS. The changes would limit the use of “stretch” IRAs, which allow beneficiaries to stretch out distributions over their lifetimes. Instead, beneficiaries would be required to take distributions within 10 years of the account owner’s death. While this change could result in increased tax revenue for the government, it could also impact financial planning strategies for those with inherited IRAs.

Overall, these updates reflect the continued volatility and complexity of the current economic landscape. Investors and individuals alike must navigate changing policies and market trends in order to make informed decisions about their financial futures.