June 15 - 19, 2020 Recap
Stocks Rise Fourth Week in Five
U.S. equity averages trimmed solid gains last week, jolted by a surge of trading volume and volatility on Friday associated with the quarterly event known as quadruple-witching when options and futures simultaneously expire. Stocks posted gains amid positive economic data showing record-setting gains in retail sales and additional backstopping action by the Federal Reserve. The central bank said it will directly buy up to $750 billion of investment-grade corporate bonds. Equities now appear mostly range-bound, caught by optimism for an economic recovery and fears over a potential second wave of new COVID-19 infections.
For the week, the Dow Industrials climbed 1.04, the S&P 500 gained 1.88%, and the Nasdaq Composite advanced 3.74%. The small cap-focused Russell 2000 index outperformed larger capitalization indexes, advancing 2.25%. The benchmark S&P 500 narrowed its pullback from February all-time highs to 7.86% and is down 3.19% year-to-date (YTD).
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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