Market Review: 7-24-20

By Steven Doll, Portfolio Strategist

U.S. stocks ended the week slightly lower after early gains were wiped away later in the week on worries of a resurgence in U.S. and China turmoil, and reports of initial unemployment claims increasing for the for first time since March. Meanwhile, coronavirus cases continue climb and daily deaths begin to turn higher. Consequently, interest rates also moved lower as the 10-year treasury yield dropped from 0.64% to 0.59%, however, the 2-year treasury yield was unchanged at 0.14%. The price of gold surged over 6.0% on the week as demand for the safe-haven metal continues to rise and is now up over 25% year-to-date at $1,899 an ounce. The price of crude oil continues to flatline, rising only 0.8% on the week as a weakening U.S. dollar outweighs geopolitical and economic concerns.

Year-to Date Return (as of 07/24/2020)

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