Last week, optimism around U.S. monetary and fiscal policy action propelled domestic equities to have their best week since March 2009. While this market performance was in sharp contrast to the prior week when U.S. equities had their worst week since 2008, it continues a pattern of extreme volatility. While we would like to paint a positive picture for investors going forward, we continue to believe the news and, consequently, the stock market will struggle. The positive news surrounding the fiscal and monetary stimulus helps the economy but significant market improvement may not occur until we see positive news on the transmission of the virus.

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Commentaries are 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.