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Daily Capital

Weekly Market Digest: Will the Stock Market Rally Continue?

U.S. and Global Equities finished a strong week with each asset class up more than 3% on the week while safe-haven U.S. Treasuries remained flat. With most states beginning to lift restrictions and New York City scheduled to begin doing so in June, markets are continuing to show signs of optimism.

Weekly Returns

S&P 500: 3044.31 (+3.01%)
FTSE All-World ex-US (VEU): (+4.46%)
US 10 Year Treasury Yield: 0.66 (+0.00%)
Gold: 1731 (-0.20%)
EUR/USD: 1.11 (+1.85%)

Major Events

  • Monday – Memorial Day
  • Tuesday – Consumer Confidence Index surprises and rises to 86.6, up from 85.7 in April
  • Wednesday – European Union Plans $2 Trillion Coronavirus Response
  • Wednesday – Mortgage demand from homebuyers shows unexpectedly strong and quick recovery, as applications spike 9% from a year ago
  • Thursday – The U.S. Economy contracted 5% in the First Quarter
  • Thursday – Unemployment data shows that the pace of claims has begun to slow
  • Friday – President Trump threatens Mexico with tariffs over immigration

Our Take

It is too early to tell how the easing of restrictions across the U.S. and Globally will fare. The current signs are encouraging, but if the increased economic activity comes with a second wave of infections and hospitalizations, the recovery may stumble. Unemployment numbers and additional layoffs will help to provide a real-time gauge of macroeconomic health but should not be viewed as the only indicator. The Federal Reserve has committed to doing whatever is necessary to help maintain adequate liquidity in financial markets and is expected to continue to do so as needed.

Indicators such as consumer confidence and weekly jobless claims appear to be trending in the right direction and the S&P 500 Index broke 3,000, a key technical indicator this week for the first time since March 5th, down about 10% from it’s all-time-high on February 19th.

While we are hopeful that markets continue their upward trend, there is still quite a bit of uncertainty surrounding the future and we encourage our clients to continue to maintain a disciplined approach, avoid emotional decisions based on headlines, and to schedule time with their advisors if they have questions or concerns about their risk tolerance.

The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. Personal Capital Advisors Corporation is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC.

Matthew Vibert, CFA is a Financial Advisor for Personal Capital. Matthew has several years of experience working with institutional and high net worth investors. Prior to Personal Capital, Matthew served on teams at JP Morgan, Fieldpoint Private Bank and Trust, and Janus Henderson Investors.
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