August 17 – 21, 2020 Recap
Low-Volatility Winning Streak Extended
The S&P 500 completed its fourth straight weekly advance, it’s longest winning streak of the year. Favorable economic data in housing and business activity confirmed the economic recovery is still on track. Yet despite improved signs of growth recovery, Wall Street remains concerned about trade tensions with China and the lingering stalemate in Congress over the size and scope of further stimulus. Friday’s session capped a 21-day period since benchmark stocks posted a decline of more than 1%.
For the week, the S&P 500 rose 0.77%, the Nasdaq Composite surged 2.69%, and the Dow Jones Industrial Average ended nearly unchanged (-0.003%). On Wednesday, the S&P 500 closed at its first new all-time high since February 19. With benchmark equity losses now fully recovered from the March 23 low, the timing confirms that the COVID-19-related bear market was the shortest in modern history, lasting just 33 calendar days.
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.
Want more insights like this, sent straight to your inbox?
Subscribe to email updates from Cetera and be well informed about what’s happening within the market and the financial services industry overall.