Markets Rise Thanks to Upbeat Indicators

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Before Percy Priest Lake was built in the 1960s, the land was home to small, rural communities like Couchville, Old Jefferson, and Smith Springs. These communities thrived on agriculture, with families living off the fertile land along the Stones River for generations.

Couchville was the heart of the area, with its general store, church, and blacksmith shop serving as gathering points. Old Jefferson and Smith Springs were known for their close-knit neighborhoods and local landmarks. But when the U.S. Army Corps of Engineers developed the lake, residents were forced to move, homes were relocated, and even cemeteries had to be shifted.

While the lake brought economic benefits and new recreational opportunities, it also covered up an entire way of life. Today, the legacy of those communities lives on in the place names, landmarks, and the memories of those who once lived there.

**Sources:**

1. "The History of Percy Priest Lake" - U.S. Army Corps of Engineers Nashville District
2. "Rutherford County Historical Society" - Old Jefferson Community Records
3. "Tennessee Encyclopedia" - Couchville and Pre-Lake Communities

Stocks posted solid gains last week, buoyed by robust economic data and constructive comments from Fed officials.

The Standard & Poor’s 500 Index rose 3.93 percent, while the Nasdaq Composite gained 5.29 percent. The Dow Jones Industrial Average lagged a bit, picking up 2.94 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, powered ahead by 4.31 percent.^1,2

Upbeat EconomicNews

Three critical economic data points—wholesale inflation, consumer prices, and retail sales—gave investors what they were looking for.

Both the Producer and Consumer Price Index rose less than expected in July, reinforcing a picture of cooling inflation. The July retail sales report on Thursday was stronger than expected, which added more fuel to the week-long rally.^3,4,5

Market action slowed down on the week’s final trading day, with positive consumer sentiment gains countered only by a drop in housing starts.

It was the S&P 500’s best weekly gain of the year and the best since November of 2023. The gains helped erase losses from earlier in the month, when “carry trades” news from Japan unsettled investors.^6,7

^{Article from gsam.com: The Day After}

“Spread love everywhere you go. Let no one ever come to you without leaving happier.”

– Mother Teresa

Who Qualifies for the Child and Dependent Care Tax Credit?

Let's outline who the Internal Revenue Service (IRS) defines as a qualifying person under this care credit:

• A taxpayer's dependent who is under the age of 13 when the care is provided.
• A taxpayer's spouse who is physically or mentally unable to care for themselves and has lived with the taxpayer for more than half the year.

In addition to spouses and dependents, the credit may also cover someone who is mentally or physically unable to care for themselves and lived with the taxpayer for six months; this is the case if that person was the taxpayer's dependent or if they would have been the taxpayer's dependent except for one of the following:

• The qualifying person received a gross income of $4,700 or more.
• The qualifying person filed a joint return.

If filing jointly, the taxpayer or spouse could be claimed as a dependent on someone else's return.

*This information is not a substitute for specific, individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov⁹

What Are Essential Oils?

You've likely heard about the many potential benefits of essential oils, but what exactly are essential oils?

Essential oils are compounds extracted from plants, obtained through distillation or cold pressing. The best essential oils are pure, with no other chemicals added. In addition to using essential oils in a diffuser as aromatherapy, you can apply them topically. Inhaling the aromas from essential oils may stimulate areas of your limbic system, a part of your brain that plays a role in emotions, behaviors, sense of smell, and long-term memory.

Tip adapted from Healthline¹⁰

Fresh Tomato and Basil Crostini

Ingredients:
- Fresh heirloom tomatoes (currently in season in Middle Tennessee)
- Fresh basil leaves (locally grown)
- Garlic cloves
- Baguette (locally baked)
- Olive oil
- Salt and pepper to taste

Instructions:

1. Prepare the Tomatoes: Dice the heirloom tomatoes into small pieces and place them in a bowl.
2. Season: Finely chop the garlic and basil leaves, then add them to the tomatoes. Drizzle with olive oil, and season with salt and pepper to taste. Mix well.
3. Toast the Baguette: Slice it into thin pieces, brush each slice with olive oil, and toast them in the oven at 350°F (175°C) for about 10 minutes or until golden brown.
4. Assemble: Spoon the tomato mixture onto the toasted baguette slices.
5. Serve: Serve immediately as a fresh, flavorful appetizer.

This recipe highlights the fresh, seasonal produce available in Middle Tennessee, making it a simple yet delicious appetizer perfect for any occasion.

---

<sup>References:
- Recipe adapted from local seasonal guides and traditional crostini recipes found on [Local Table](https://localtable.net/).</sup>

It stands higher than any tree, yet it seemingly takes forever to grow, and you can’t see its roots. You won’t have to shimmy up any trunk to reach its top. What is it?

Last week’s riddle: There are three cups of flour on a counter and you take one away. How many cups of flour do you have now? Answer: You have one cup of flour, as you have taken one away.

Zabriskie Point in Death Valley National Park
Death Valley, California, United States

Footnotes and Sources

^{1. The Wall Street Journal, August 16, 2024}

^{2. Investing.com, August 16, 2024}

^{3. The Wall Street Journal, August 13, 2024}

^{4. The Wall Street Journal, August 14, 2024}

^{5. The Wall Street Journal, August 15, 2024}

^{6. The Wall Street Journal, August 16, 2024}

^{7. CNBC.com, August 16, 2024}

^{8. The Wall Street Journal, August 15, 2024}

^{9. IRS.gov, May 8. 2024}

^{10. Healthline, May 8, 2024}