March 30 – April 3, 2020 Recap
Equities Retrace Gains
Following a 10% rebound the week ending March 27, U.S. equities declined last week, its third weekly loss in four, after labor reports showed record-setting jobless claims and a huge 701,000 plunge in hiring last month. Efforts to contain the COVID-19 pandemic have dramatically shuttered major swaths of American business and degraded global corporate profit outlooks. On a brighter note, St. Louis Fed President Bullard said on Sunday that he believes the U.S. economy “is not in free fall, as we’re asking the American people to stay home to invest in the national health” and use federal and state benefits to pay bills while at home.
For the week, the Dow Industrials fell 2.70%, the S&P 500 declined 2.02%, and the tech-heavy Nasdaq Composite lost 1.69%. Overall, the S&P 500 is largely holding a bear-market rebound that has recovered over 11% from its low the prior week.
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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