July 19 - 23, 2021 Recap

S&P 500 Posts Seventh Weekly Gain in Past Nine Weeks
Equities rebounded last week with all three major U.S. equity indices finishing at fresh all-time highs as better-than-expected earnings trumped early-week concerns over rising Delta variant caseloads. On Monday, the viral scare drove the Dow Industrials down 725 points for its worst single-day loss of 2021 but by Tuesday, earnings optimism ignited a four-day rebound that was led most from stay-at-home themed companies.

For the Week...
The S&P 500 advanced 1.97% to clinch its 40th record high this year. The Dow Industrials netted a 1.08% gain, topping 35,000 for the first time. Notably, the Dow marked its fastest 5,000-point runup, taking just 165 trading days to reach 35K from 30K. Lastly, the tech-heavy Nasdaq Composite surged 2.84%.

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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.