
Market Review: 10-23-2020
By: Steven Doll, Portfolio Strategist
For the Week Ending 10-23-2020
The U.S. stock market ebbed and flowed over the week as it has become highly correlated with rising and falling fiscal stimulus expectations. However, they ended little changed with U.S. large-cap stocks down roughly 0.5%, and U.S. small-cap stocks up 0.5%. Meanwhile overseas, emerging markets continue to outpace developed markets with emerging market stocks rising approximately 1.4% and developed market stocks 0.4%,
Interest rates also continue to rise on a more hopeful outlook on additional fiscal stimulus as the 10-year treasury yield rose from 0.76% to 0.85%. Consequently, this has caused the total U.S. bond market (which typically moves inversely to interest rates) to fall nearly 0.5%.
The price of gold was virtually unchanged on the week at $1,904 an ounce, and the price of crude oil dropped over 1.5% to $39.73 a barrel.
Year-to Date Return (as of 10/23/2020)
