October 12 – 16, 2020 Recap
Fragile Rally Sustained
The U.S. benchmark S&P 500 Index posted a tepid gain in a string of three weekly advances, but it was enough to notch its longest weekly rally since August. Better-than-expected earnings reports together with mixed to mostly positive economic data was overshadowed by the acceleration in new viral infections and frustration over the inability for lawmakers to pass additional fiscal stimulus. Just two weeks to go until Election Day.
U.S. averages rose fractionally last week, with the S&P 500 up 0.21% and the tech-heavy Nasdaq Composite up 0.79%. The Dow Jones Industrial Average crept 0.07% higher. S&P 500 companies began posting third-quarter results in earnest last week amid a backdrop of analysts’ first positive EPS revisions of the year.
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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