January 27 – 31 Recap
Worst Week Since August 2
The S&P 500 Index posted its largest weekly decline since August 2 when it then lost 3.1%. Moreover, with market volatility resurfacing last week due to the spreading coronavirus, the S&P 500 registered its first monthly loss since August. Through the weekend, the Wuhan, China-originated virus has claimed the lives of 362 people with 17,846 active cases being treated worldwide. That’s more than quadruple the number of fatalities in a week’s time and more than a six-fold increase in the number of active cases. Late Thursday, the World Health Organization declared a public health emergency and airlines around the world suspended flights to and from China.
For the week, the Dow Industrials sank 2.53%, the S&P 500 fell 2.10%, and the Nasdaq Composite retreated 1.75%. The Dow Industrials and the S&P 500 both erased gains for the year with January losses of 0.99% and 0.04% respectively, while the Nasdaq Composite finished the month with a 2.03% gain. The Cboe VIX Market Volatility index surged over 29% last week.
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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