August 2 - 6, 2021 Recap
U.S. stocks posted moderate gains last week following a stronger-than-expected July jobs report that eased concerns about the detrimental impact the Delta viral variant is having on the economy. Bullish sentiment was capped however as the solid pickup in hiring stirred fears that the Fed may speed up its timetable on announcing tapering of monthly bond purchases. The S&P 500 finished Friday at its 44th all-time-high this year. Investors are now awaiting key inflation data on consumer and wholesale prices due out for release this week.
For the Week...
All three major U.S. equity averages erased prior week losses. The S&P 500 rebounded 0.96%, more than erasing the prior week’s 0.35% decline. The Dow gained 0.78% after falling 0.36%, and the tech-heavy Nasdaq Composite gained 1.14% after falling 1.10% the week prior.
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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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