Momentum Pauses Second Week05/03/2021


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April 26 - 30, 2021 Recap

Stocks Mostly Lower
Equity indices were mostly lower last week amid month-end rebalancing even as economic data continued to point toward an accelerating recovery. Data released Thursday showed U.S. first quarter gross domestic product (GDP) expanded at a 6.4% annualized pace (the strongest 1Q growth rate since 1984) while claims for state unemployment insurance benefits fell last week to a fresh pandemic-era low.

S&P 500 Inches Higher
For the week, the S&P 500 rose 0.02%, while the Dow Industrials fell 0.50% and the tech-heavy Nasdaq Composite declined 0.38%. Mid-sized growth-oriented companies underperformed most last week, with the Russell Mid Cap Growth Index retreating 1.68%.

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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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