August 16-20, 2021 Recap
Stocks Fall First Week in Three
All three U.S. major equity averages declined last week as investors grew worried that the Fed’s potential move to begin withdrawing stimulus later this year could slow the economic recovery that has increasingly been challenged by the spread of the Delta COVID-19 variant. From Wednesday’s release of the minutes from the Fed’s July FOMC policy meeting, the central bank revealed a newfound consensus to begin tapering its $120B in monthly bond purchases at any of three remaining policy meetings this year. Wall Street is again on Fed watch this week ahead of the Jackson Hole virtual central banker symposium this Thursday and Friday.
For the Week...
The S&P 500 declined by 0.55%, the Dow Jones Industrial Average fell 1.11% and the tech-heavy Nasdaq Composite lost 0.70%. The S&P 500 finished Friday just 38 points (-0.85%) below its latest all-time-high of 4,479 that was reached a week ago on Monday, August 16.
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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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