May 25 – 29, 2020 Recap
China Tensions Trim Gains
Equities rallied into the close Friday for a second straight week as optimism over restarting American businesses overshadowed a flurry of market challenges, most recently harsh U.S. rhetoric against China. In an address Friday, President Trump rebuked Beijing over its shortcomings in containing the pandemic breakout and plans to remove autonomy in Hong Kong. Wall Street took comfort he stopped short of calling for direct sanctions.
For the week, the Dow Industrials advanced 3.75%, the S&P 500 rose 3.04%, and the Nasdaq Composite added 1.79%. The Russell Mid Cap Index performed best, up 4.32%. The S&P 500 has rebounded over 36.5% from its March 23 closing low and ended the week just 9.6% below its February 19 all-time high.
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.