March 9 – 13, 2020 Recap
Equities Again Pare Friday Losses
U.S. equity markets on Friday retraced over 90% of Thursday’s historic 9.5% single-day plunge that officially ended the longest bull market on the record books. Yet Friday’s 9.3% recovery only trimmed the S&P 500’s weekly loss to 8.7%. Investors remain deeply rattled by the rapid spread of the COVID-19 pandemic outbreak, which has infected about 170,000 people globally and claimed more than 6,500 lives. Investor sentiment improved Friday after President Trump declared a national emergency that speeds up COVID-19 testing, while also waiving interest on federal student loans and authorized U.S. oil purchases into the strategic reserve.
For the week, the Dow Industrials plunged 2,679 points (-10.4%), the S&P 500 lost 8.7%, and the tech-heavy Nasdaq Composite slumped 8.1%. Inclusive of dividends, the benchmark S&P 500 index ended the week 19.8% below its February 19 all-time high and was down 15.7% year-to-date (YTD).
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.
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