July 13 – 17, 2020 Recap
S&P 500 Turns Positive YTD
The S&P 500 and Dow Industrials posted their third straight weekly gain while the tech-heavy Nasdaq Composite snapped a two-week rally. It was the S&P 500’s first three-week rally since December. Investors digest mostly favorable earnings reports from mega cap banks, mixed economic data and positive news among COVID-19 vaccine developers. Overseas, China’s Shanghai Composite slid nearly 5%, its worst weekly drop in five months.
For the week, the Dow Industrials led with a 2.29% gain, the S&P 500 added 1.27% and the Nasdaq Composite fell 1.08% after rising 8.8% the prior two weeks. The S&P 500 narrowed the pullback from its February 19 all-time high to 3.99% and turned fractionally positive for year (+0.88% YTD including dividends).
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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