August 10 - 14, 2020 Recap
Stocks Rise Third Week
All three major U.S. equity averages posted their third consecutive weekly gain, but despite two nearly successful daily attempts, the S&P 500 fell short of breaking its all-time high set on February 19. Congress ended the week in a stalemate following heated discussions on what to include in the next coronavirus stimulus package. One thing they did appear in agreement on was another set of $1,200 checks to adult Americans, similar to the payments that went out this spring.
For the week, the S&P 500 rose 0.69%, the Nasdaq Composite crept 0.09% higher, and the Dow Jones Industrial Average gained 1.81%—trimming its YTD loss to 2.1%. The S&P 500 ended the week up 5.7%, while the tech-heavy Nasdaq Composite is up 23.5% YTD through August 14.
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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