May 4 – 8, 2020 Recap
Nasdaq Composite Turns Positive YTD
Stocks powered higher last week amid heady optimism that reopening American business may not cause a widespread resurgence in new COVID-19 cases. Moreover, Wall Street continues to speculate that Congress and the Federal Reserve will backstop additional economic damage. This belief is so strong that markets surged last Friday despite unemployment rising to the highest level in 72 years.
For the week, the Dow Industrials climbed 2.56%, the S&P 500 advanced 3.57%, and the tech-heavy Nasdaq Composite surged by 6.05%. The S&P 500 posted its first weekly gain in three weeks, and the Nasdaq Composite turned positive on a year-to-date (YTD) basis (+2.02%).
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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