Read what we are discussing this week:
- Congress passed a stopgap spending bill late Thursday to prevent a government shutdown. The emergency funding bill will keep the government open until January 19.
- Passage of the funding bill paves the way for President Trump to sign the Tax Cuts and Jobs Act into law as early as Friday.
- Some public companies have already announced bonuses for workers once the tax bill is signed into law.
- Bitcoin was falling hard Friday morning, going below $11,000 and now down more than 40% from its all-time high. What goes up must come down.
- In another sign of the mania around Bitcoin some public companies are changing their names to associate themselves with Bitcoin and blockchain technology. Some of these stocks rallied mightily as Bitcoin rallied but are now falling as well.
- Single-family home sales touched a ten-year high in November, rising 17.5%. Homebuilding stocks have been strong performers this year. The SPDR homebuilding ETF is up just over 30% year-to-date.
- Oh no. Legendary sportscaster Dick Enberg passed away at the age of 82. Known for his trademark “Oh My” during games he broadcast many of the best-known sporting events in the world during his career.
- Happy holidays from your friends at Heritage Wealth Advisors!