August 24 - 28, 2020 Recap
Dow Industrials Finally Turns Positive YTD
All three major U.S. equity indices posted strong weekly gains, led by continued momentum in consumer and technology-oriented stocks. The S&P 500 set new all-time highs every day last week and closed above 3,500 for the first time ever on Friday. Markets got a boost on Thursday after Fed Chairman Jerome Powell announced a major policy shift, adopting “average inflation targeting” that allows prices to move above their 2% for a longer time period before raising rates.
For the week, the S&P 500 advanced 3.29%, the Nasdaq Composite surged 3.40%, and the Dow Jones Industrial Average rallied 2.59%. The Dow closed positive on a year-to-date basis for the first time since the coronavirus meltdown.
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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