MARKET STATISTICS
Weekly and Year-To-Date Performance
INDEX 12/31/2019 09/25/2020 10/02/2020 % Change Week % Change YTD
 Dow Jones Industrial Average 28,538.44 27,173.96 27,682.81 1.87% -3.00%
 S&P 500 3,230.78  3,298.46  3,348.44  1.52%  3.64%
 Nasdaq Composite 8,972.60 10,906.89  11,075.02  1.54%  23.43%
 Russell Mid-Cap Index 2,381.81 2,254.40  2,325.16  3.14% -2.38%
 Russell Small-Cap Index  1,668.46 1,475.11  1,540.53  4.43% -7.67%

 

October 2nd, 2020

Dear Friends –

The equity markets finished the week with solid gains in a busy week as the major indexes broke multi-week losing streaks.  For the week the Dow, S&P 500 and the Nasdaq added 1.87%, 1.52% and 1.54%.  The Russell Mid-Cap, Small-Cap and MSCI EAFE indexes added 3.14%, 4.4% and 1.3% respectively.

Stocks opened the week Monday with stout gains.  Optimism over the prospects of another stimulus package helped drive the stocks higher as the major indexes all opened with gains and held on throughout the session.  It was the best day for the Dow and the S&P in three weeks in what has turned out to be a very trying month for stocks.  All 11 sectors of the S&P finished higher led by energy and financials with gains of 2.33% and 2.27%.  The Dow closed up 459 points or 1.69%, at 27,632.  The S&P and the Nasdaq added 1.61% and 1.87%.  Crude oil prices rose just shy of 1% to close at $40.60 per barrel.  The 10-year Treasury note closed unchanged yielding 0.658%.

The markets pulled back Tuesday snapping a three-day winning streak on concerns over the rising number of COVID cases around the globe.  The steady number of rising cases in the U.S. and abroad is raising concerns from investors that fear the onset of the fall season and heading into winter could lead to the feared second-wave of infections.  The reopening trade took a hit on the news with airlines, cruise operators and casinos all taking a hit.  Ten of the 11 S&P sectors closed lower led by energy and financials with declines of 2.73% and 1.15%.  Communications services was the lone sector to close higher, finishing up 0.28%.  In economic news consumer confidence rose well above expectations in September coming in at a reading of 101.8 versus the consensus estimate of 90.1.  The Dow finished down 131 points or 0.48%, at 27,453.  The S&P and the Nasdaq were off 0.48% and 0.29%.  Crude prices fell over 3% to settle at $39.19 per barrel.  The 10-year Treasury note was off two basis points to settle yielding about 0.64%.

Stocks finished with solid gains to close out the month Wednesday.  The major indexes moved higher in the early going following some encouraging economic news and hints of progress on talks over the next round of stimulus.  It was a tough month for the major indexes as the Dow, S&P and the Nasdaq fell 2.3%, 3.9% and 5.2%.  In economic news the ADP report showed private payrolls adding 749,000 new jobs last month, well ahead of the consensus forecast of 600,000, and pending home sales shot higher by 9% in August.  The Dow closed up 329 points or 1.2%m, at 12,782.  The S&P and the Nasdaq added 0.8% and 0.7%.  Crude prices climbed 2% and interest rates ticked higher on the day’s economic data.

The markets made modest gains Thursday as the positive news on the stimulus efforts dissipated.  The Dow and the S&P closed with little change while the tech sector led the Nasdaq higher.  Shares of Netflix rose over 5% and Amazon, Apple, Microsoft and Facebook all added over 1%.  Economic data continued to be mixed as manufacturing activity in the U.S. slowed in September and weekly jobless claims came in slightly ahead of expectations.  The Dow finished up 35 points or 0.1%, at 27,817.  The S&P and the Nasdaq added 0.5% and 1.4%.

Stocks fell heading into the weekend Friday after news broke that President Trump and the First Lady tested positive for COVID-19.  The Dow futures fell over 500 points in the over-night trading following the news and the major indexes opened sharply lower before recovering throughout the session.  The markets bounced back as House Speaker Pelosi said stimulus for the airline industry could be coming soon even as a part of a broader relief package.  The airlines moved higher on the news with shares of American, United and Delta rose 3.3%, 2.4% and 2.1%.  Weakness in the tech sector weighed on the S&P and the Nasdaq as shares of Netflix, Apple, Amazon and Microsoft fell 4.6%, 3.2%, 3% and 3%.  The Dow closed down 134 points or 0.48%, at 27,683.  The S&P and the Nasdaq were off 0.96% and 2.22%.  The 10-year Treasury note closed nearly unchanged yielding 0.66%.  Crude prices closed down 4% at just over $37 per barrel.

Sonata