August 23-27, 2021 Recap

Three Record Highs Last Week
All three U.S. major equity averages finished higher last week with the S&P 500 posting three new record highs and closing Friday at its 52nd all-time high of the year. Last week’s primary catalyst were comments from Fed Chairman Jerome Powell at this year’s virtual Jackson Hole central banker’s symposium, saying that pandemic-associated stimulus will be withdrawn judiciously and gradually. He added that while economic recovery is making progress, the central bank needs to be cautious as reversing stimulus too early could be “particularly harmful.” Based on statements from other Fed officials, policymakers agree that tapering monthly bond purchases would be appropriate by the end of the year, perhaps starting as soon as their September 21-22 meeting.

For more insights, download our full recap.

The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.