October 26 - 30, 2020 Recap
U.S. stock indexes closed lower on Friday, capping the benchmark S&P 500 with its worst weekly rout since the depths of the pandemic in mid-March and its worst-ever loss leading into a presidential election. Wall Street was put off by prospects for a second wave of viral lockdowns, a breakdown in fiscal stimulus negotiations, and uneven earnings data, especially among tech mega caps. Month-ending COVID-19 daily infections reached a record 99,300 on Friday.
For the week, the S&P 500 sank 5.62% and the tech-heavy Nasdaq Composite lost 5.50%. The Dow Industrials retreated nearly 1,834 points, representing a 6.47% loss. The S&P 500 sold off -2.7% in October, ending Friday 8.5% below its September highs.
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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