May 11 – 15, 2020 Recap
Nasdaq Composite Still Positive YTD
Equities capped another volatile week with steep losses amid dismal economic data and rising tensions between the U.S. and China. Moderate gains Friday overshadowed new record-setting declines in retail sales (-16.4%) and industrial production (-11.2%), while President Trump announced plans to fast-track production of an eventually approved COVID-19 vaccine. Friday’s turnaround ramped higher after an unexpected rebound in consumer sentiment.
For the week, the Dow Industrials fell 2.85%, the S&P 500 declined 2.20%, and the Nasdaq Composite trimmed gains by 1.15% but is still up 0.84% year-to-date. Bonds widely outperformed stocks last week, with the leading aggregate investment-grade bond index up 0.33% (+4.86% YTD). The NYSE will partially reopen next Tuesday after the Memorial Day extended holiday weekend.
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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