Stocks Slouch Fourth Week09/28/2020

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September 21 - 25, 2020 Recap

Recovery Theme Falters…Again
U.S. stocks reversed losses Friday amid unconfirmed reports that lawmakers were reviving plans for a second fiscal stimulus deal, but gains were not enough for the S&P 500 and Dow Industrials to avoid their fourth weekly declines – their longest losing streaks since August 2019. For the Nasdaq Composite, a late-week surge in tech stocks lifted the index from its lows of the week to break a three-week slide. Yet broader recovery-themed stocks faltered, with airlines slumping to June lows and small cap equities trading below their 200-day moving average. With the end of the month just days away, the S&P 500 is poised for its worst monthly performance since at least November 2008.

Weekly Performance
For the week, the S&P 500 declined 0.61%, the tech-heavy Nasdaq Composite rebounded 1.13%, and the Dow Jones Industrial Average slumped 1.75%. For September, the S&P 500 remains on track to be the first month with negative returns since March.

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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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