September 28 – October 2, 2020 Recap
Equities Recover First Week in Five
U.S. equity averages posted their first weekly gain in five weeks, snapping the longest losing streak since March as investors focused on mostly stronger-than-expected economic data and the Presidential debate. Yet markets pared gains on Friday when tests showed that the President & First Lady contracted COVID-19. Investor sentiment brightened however, after House Speaker Pelosi signaled progress for the stimulus bill, saying on Friday that more aid for the airline industry “could be imminent.”
For the week, the S&P 500 and the tech-heavy Nasdaq Composite both advanced 1.5%, while the Dow Jones Industrial Average rebounded nearly 1.9%. Value-oriented equities outpaced Growth stocks and cyclical sectors took the lead.
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.