September 14 – 18, 2020 Recap
Selling Continues Third Straight Week
U.S. stocks extended losses into a third day last week as bargain buying appetites on Monday and Tuesday gave way to pessimism after the Federal Reserve signaled a more urgent need for further fiscal stimulus to sustain an uneven economic recovery.
On a backdrop of a resurgence of viral infections, Fed Chairman Jerome Powell said that without additional Congressional aid, the U.S. could face an "extended period" of weak growth and stagnant incomes. More than halfway through September, the S&P 500 is on track for its worst monthly performance since November 2008.
For the week, the S&P 500 declined 0.60%, the tech-heavy Nasdaq Composite fell 0.53%, and the Dow Jones Industrial Average slipped 0.03%. Racking up their third straight weekly losses, the S&P 500 has given back 5.3%, the Nasdaq Composite lost 7.7%, and the Dow Industrials shed 996 points (-3.5%).
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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