The Markets (as of market close August 21, 2020)
For the week, the Nasdaq advanced 2.7%, followed by the S&P 500, which gained 0.7%. After reaching a record high last Tuesday, the S&P 500 recorded the fastest recovery from a bear market in history, as determined by Barron’s and Dow Jones Market Data. Technology stocks and communication shares performed well, while energy and financials under performed.
Last Week’s Economic News
- July saw housing starts jump by 22.6%, the largest monthly increase since 2016.
- Existing home sales followed a robust June with a strong July. Total home sales jumped 24.7% over June’s totals, setting a new record for monthly home sales.
- For the week ended August 15, there were 1,106,000 new claims for unemployment insurance, an increase of 135,000 from the previous week’s level.
Eye on the Week Ahead
Have a nice week!