August 31 – September 4, 2020 Recap
Taking Some Froth off the Table
U.S. stocks snapped a five-week winning streak last Friday as skittish investors exited high-valuation mega cap tech stocks, despite a drop in jobless claims below 1 million and improved payroll data. An index of the 100 largest Nasdaq stocks which is highly concentrated in technology was down as much as 5% on Friday, though it pared declines to just 1.3% as investors spotted bargains. Overall, benchmark S&P 500 equities finished the week at a two-week low.
For the week, the S&P 500 fell 2.27%, the tech-heavy Nasdaq Composite tumbled 3.25%, its worst weekly performance in five months, and the Dow Jones Industrial Average gave back 520 points (-1.82%).
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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