October 19 - 23, 2020 Recap
Stocks Little Changed
U.S. stocks ended the week fractionally lower, snapping a three-week rally as investors weighed mostly upbeat earnings and economic data while monitoring prospects towards an additional fiscal stimulus package. Sentiment was however overshadowed by an acceleration in new COVID-19 infections. Equities rose Friday after White House Chief of Staff Mark Meadows said he expects a stimulus deal in the coming days. However, Meadows and House Speaker Nancy Pelosi have since blamed each other for “moving the goalposts” with their respective proposals.
For the week, the S&P 500 declined 0.51%, and the tech-heavy Nasdaq Composite fell 1.06%. The Dow Industrials declined by 0.95%. Through Friday’s close, the S&P 500 broad-market benchmark index is now down 3.2% from its 3,580.84 all-time high on September 2.
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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