June 29 – July 2, 2020 Recap
Stocks Advance to Three-Week Highs
U.S. equity averages rebounded broadly higher last week amid improving economic data even as U.S. viral infections jumped the most since May 9. On Thursday, the S&P 500 came off session highs amid a slump in trading volume ahead of the July Fourth Independence Day holiday weekend. Early Thursday, the Labor Department reported a better-than-expected increase in payrolls, up 4.8 million. Yet optimism over the second consecutive monthly increase was tempered by a rise in permanent job losses.
For the week, the Dow Industrials rebounded by 3.25%, the S&P 500 rose a solid 4.07%, and the tech-heavy Nasdaq Composite surged 4.64%. The S&P 500 narrowed the pullback from its February 19 all-time high to 5.56%% and ended the holiday-shortened week down 3.12% year-to-date (-2.13% 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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