March 23 – 27, 2020 Recap
Equities Rebound Over 10%
U.S. equity markets posted their largest weekly gain in over a decade after President Trump signed an unprecedented $2 trillion stimulus package designed to blunt the economic downturn caused by the COVID-19 contagion. The Senate-originated recovery act was approved by the House on Friday and signed into law later in the day. Stocks pared stronger weekly gains on Friday’s news that active U.S. infections surpassed that of China and Italy. Through the weekend, the U.S. active caseload jumped to 143,055, while Italy’s tally rose to 97,689, and China’s total edged higher to 82,198.
For the week, the Dow Industrials surged 12.84%, the S&P 500 rallied 10.28%, and the tech-heavy Nasdaq Composite rebounded by 9.06%. On Friday, the S&P 500 gave back over 3% of its earlier 13.6% surge over the prior three days, while ending the week back above its 2018 lows. Despite last week’s rebound, the benchmark index is still down 21% year-to-date.
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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