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Another week, another roller coaster ride for the broader markets. As the coronavirus pandemic plays out, traders continue to react to every data and news point. This week that caused the market to wildly swing and continue on the path of heavy volatility.
At first, traders were hopeful that new vaccines for the virus were on their way. Adding in some news from the Federal Reserve and the continued opening of various states’ economies, many investors were looking towards an end to the crisis.
However, data and earnings helped keep the euphoria in check. Unemployment numbers remained elevated this week, while manufacturing figures continue to show contraction of the industrial economy. The weakening data also made itself known in the week’s various earnings reports. Stocks continue to report poor guidance numbers, lower revenues and the lowest average rate of profit growth since the Great Recession.
Adding in some geopolitical strife on the U.S./China front and we had another week of up and down days.
Be sure to check out our previous Wrap here, when uncertainty drove the markets lower.