February 3 – 7 Recap
Stocks Rebound Amid Cautious Optimism
U.S. stocks had their strongest weekly gain since June 7 on speculation the negative effects on the U.S. economy from the spreading coronavirus would likely be minimal. Bullish catalysts were announcements from China that it will cut its tariffs in half on U.S. imports worth around $75B together with nearly $80B in cash injections into its banking system. Domestically, the S&P 500 reached a new record high on January 6 as U.S. corporate profits continue to top forecasts and data showed a rebound in American manufacturing.
For the week, the Dow Industrials climbed 3.00%, the S&P 500 advanced 3.21%, and the tech-heavy Nasdaq Composite surged 4.09%.
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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