April 20 – 24, 2020 Recap
First Weekly Loss Since April 3rd Stocks broke a two-week winning streak as concerns over a further collapse in oil prices overshadowed optimism over a fourth federal COVID-19 relief package. On Friday, President Trump signed into law a massive $484B bill to pay hospitals and replenish a program to help small business pay their employees during the COVID-19 crisis. In weekly economic data, consumer sentiment in April finished ahead of Wall Street expectations as steps began to reopen parts of the economy. Meanwhile, durable-goods orders fell more than expected last month as large swatches of the economy were shuttered amid the spreading pandemic.
For the week, the Dow Industrials fell 1.93%, the S&P 500 lost 1.30%, and the tech-heavy Nasdaq Composite slipped just 0.18%. Through Friday, the S&P 500 was down just over 12% year-to-date and trimmed its recovery from the March 23-low to 26.8%.
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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