Further confirmation for our summer rally base case scenario!

July 19th 2020

Market Review

U.S. stocks finished the week mostly with hefty gains. The Dow Jones Industrial Average gained 1.3% for the week to close at 26,671.95, whereas the S&P 500 advanced 2.3% in the same time period to finish at 3,224.73. Both averages posted their third straight weekly gain. However, the tech’s struggle this week led to a pronounced divergence between the Nasdaq and two other major indexes. Hence, the tech-heavy index fell 1.1% for its first weekly loss in three to close at 10,503.19. Most key S&P sectors finished higher, led by industrials, while the technology sector ended in the red. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded lower, near 25.7.

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Ingredients for a summer rally are accumulating, but volatility will remain high

July 12th 2020

Market Review

U.S. stocks continued to push higher in a quite volatile week. The Dow Jones Industrial Average booked a 0.9% weekly gain to end at 26,075.30. The S&P 500 recorded a 1.7% gain over the week and closed at 3,185.04. The Nasdaq rocketed 4.0% for the week to close at 10,617.44. For the year, the Dow Jones Industrial Average and the S&P 500 are down 8.6% and 1.4%, respectively, while the Nasdaq is up more than 18%. Among the key S&P sectors, the comm. services sector was the best weekly performer, while energy dragged. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 27.3.

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The S&P 500 jumped 4% for the week

July 5th 2020

Market Review

In line with our latest expectations, all three major U.S. averages finished the holiday-shortened week with solid gains. The Dow Jones Industrial Average added 3.3% during the week to end at 25,827.36. The S&P 500 jumped 4.0% in the same time period to finish at 3,130.01. The Nasdaq rocketed 4.6% from the week ago close to finish at a record of 10,207.63. It was the S&P 500 and the Dow’s and biggest weekly gains since June 5. The Nasdaq posited its best weekly performance since May 8. Nearly all key S&P sectors ended in positive territory for the week, led by the materials sector. Financials and energy were the only decliners. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 27.7.

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