Labor Market and Stimulus Hopes Drive Stocks Higher08/10/2020

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August 3 - 7, 2020 Recap

Stocks Rise Another Week
Major U.S. indices were up last week on encouraging news around labor markets and hopes for more fiscal stimulus. The U.S. economy added more jobs than expected and claims for new unemployment benefits fell last week. In other economic news, both the ISM non-Manufacturing (services sector) and ISM Manufacturing indices increased more than expected.

Weekly Performance
For the week, the S&P 500 rose 2.49%, the Nasdaq Composite increased by 2.51%, and the Dow Industrials capped the party with a gain of 3.88%. The S&P 500 is now up 4.93% year-to-date through August 7.

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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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