Market Review: 11-06-2020
By: Steven Doll, Portfolio Strategist
For the Week Ending November 6th, 2020:
The U.S. stock market rose substantially as investors anticipate that a Biden win would result in more fiscal stimulus to boost the economy. U.S. large-cap stocks rose over 7.5% while U.S. small-cap stocks rose nearly 6.5%.
International markets also rose on the anticipation of a Biden win with both developed and emerging markets rising nearly 7.0%.
Interest rates moved lower amid the election results as well as the Federal Reserve’s announcement to keep the Feds Funds rate unchanged at the 0.00% to 0.25% range. More specifically, the 10-year treasury yield dropped from 0.88% to 0.83%.
The election results also caused the price of gold to jump nearly 5.0% as the U.S. dollar weakens.
Meanwhile the price of crude oil rose over 3.0% on the week as OPEC hinted at a potential delay in a previously planned output increase.
Year-to Date Return (as of 11/06/2020)