January 20 – 24 Recap
Stocks Tumble on Virus Concerns
After months of relative calm, U.S. equity markets posted their largest weekly declines in nearly four months amid worries that the spreading coronavirus could negatively impact the global economy. Through the weekend, the Wuhan, China-originated virus caused the deaths of 80 people with 2,877 active cases being treated. Just 5 people in the U.S. have so far contracted the contagion with no fatalities, while more than 60 are under observation in 26 states. Meanwhile, the fourth quarter earnings season is ramping up this week, with expected overall results better than initially feared.
For the week, the Dow Industrials tumbled 1.22%, the S&P 500 declined 1.01%, and the Nasdaq Composite retreated 0.79%. The Nasdaq Composite posted its first weekly decline of the new year.
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.
Want more insights like this, sent straight to your inbox?
Subscribe to email updates from Cetera and be well informed about what’s happening within the market and the financial services industry overall.