November 2 - 6, 2020 Recap
America Votes for Gridlock
U.S. stocks rebounded sharply last week, following their worst back-to-back losses since March. In a major turnaround, the S&P 500 posted its largest weekly advance since April amid stronger-than-expected October job gains and a full 1% drop on the unemployment rate. Moreover, investors were relieved by election results showing an increased likelihood of a split Congress, implying a continuation of low taxes and other business-supporting polices.
For the week, the S&P 500 surged 7.36% and the tech-heavy Nasdaq Composite ripped higher by 9.05%. The Dow Industrials advanced 6.87%, recovering all but 12 of the 1,834 points it lost over the past two weeks. The S&P 500 ended Friday less than 2% away from its September record high.
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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