Market Review: 6/26/20
By Steven Doll, Portfolio Strategist
The U.S. stock market fell over 2.5% this week as a resurgence of coronavirus cases causes concerns, and the states of Texas and Florida reverse their reopening procedures. Additionally, big banks traded lower after the Federal Reserve said that it would restrict dividends and share buybacks of financial companies in the third quarter of this year. Meanwhile international markets were less off, with emerging markets down only 0.1% and developed markets down 0.9%. Interest rates also moved lower on the coronavirus and Federal Reserve news, as the 10-year treasury yield dropped from 0.70% to 0.64%. The price of gold continues to climb, rising nearly 2.0% this week and 16.5% this year, as demand for the safe-haven metal rises. Meanwhile, the price of crude oil fell 1.2% on the week amid reports of U.S. shale fields increasing production for the first time since March.
Year-to Date Return (as of 06/26/2020)