Market Review: 7/10/20
Updated: Jul 16
By Steven Doll, Portfolio Strategist
Despite large increases in the number of coronavirus cases across the country, the U.S. stock market rose nearly 2.0% higher on promising news that Gilead’s antiviral drug remdesivir could reduce the risk of death in severely ill coronavirus patients by 62%. Meanwhile emerging markets rose over 4.0% on the week amid positive economic data coming out of China. Consequent to the optimism both home and abroad, interest rates moved lower as the 10-year treasury yield dropped from 0.68% to 0.65%, however, the 2-year treasury yield was unchanged at 0.16%. The price of safe-haven gold, which is up over 18% so far this year, continues to rise as rising coronavirus cases raises the need to hedge against an uncertain economic outlook. The price of crude oil was little changed over the course of the week, rising only 0.3% to $40.48 a barrel, as demand for the finite commodity is slipping due to coronavirus concerns.
Year-to Date Return (as of 07/10/2020)